The Australian Securities and Investments Commission (ASIC) has taken out interim court orders against a Sydney financial adviser.
The corporate watchdog has obtain the orders against Gabriel Nakhl from Illawong, New South Wales, restraining him from disposing of, dealing with or otherwise diminishing certain assets, except in limited circumstances.
Mr Nakhl provides financial advice through his Australian financial services licensed company, SydFA Pty Limited.
ASIC allege he advised some clients of SydFA to either give, or loan him money, on the basis that he would invest it and pay them a fixed return.
In a statement, ASIC said it was "concerned that Mr Nakhl may not have used investors' money solely for the purposes represented to investors, but may have also used it for other purposes."
ASIC has said Mr Nakhl gave clients a document to sign for this arrangement, initially entitled 'Fixed Interest Security' and later 'Deed of Loan'.
It also claims that in some cases, clients were advised to use money from their self-managed superannuation funds (SMSFs).
ASIC said its investigation into the conduct of Mr Nakhl is continuing.
The interim court orders were obtained ex parte on 31 January 2013, and extended on Monday 4 February 2013 until 29 April 2013.
The matter returns to the Supreme Court of New South Wales on 29 April 2013.
