Watchdog obtains final orders against property spruiker

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ASIC has obtained final orders against a property spruiker it said carried on unlicensed financial services.

The regulator said the Supreme Court of NSW had handed down final orders against Park Trent Properties Group Pty Ltd. The orders included declarations that the company had unlawfully carried on an unlicensed financial services business for over 5 years by providing advice to clients to purchase investment properties through a self-managed super fund, and a permanent injunction against Park Trent restraining them from providing unlicensed financial product advice to clients regarding SMSFs.

ASIC said the orders will also require Park Trent to post a notice on its website outlining the orders made against it.

"This outcome sends a strong message, that there are serious consequences for property spruikers who break the law by providing unlicensed financial advice," ASIC commissioner Greg Tanzer said.