The Federal Court has ordered the surrender of the passport of a former ASIC employee following an investigation into her advice firm by the corporate regulator.
According to a statement issued by the corporate regulator, Ostrava Equities directors Vanessa Ash and Bradley Grimm have been ordered to surrender their passports following an application from ASIC.
The married couple and business partners are alleged to have been responsible for “unauthorised withdrawals of client funds and charging of fees” at Ostrava, which ASIC describes as a “company which provides financial services including establishment of [SMSFs]”.
Ms Ash is a lawyer and former ASIC employee while Mr Grimm is a “financial planner”, the ASIC statement explains.
Ostrava is an authorised representative of Marigold Falconer International Limited and has related entities including Ostrava Asset Management and Ostrava Securities.
“Ostrava Equities has offices in Melbourne and Sydney, and approximately 100 clients. Advertised services include SMSF establishment and management, financial advice, insurance and legal services,” the statement said.
ASIC’s investigation into the couple’s affairs is ongoing.
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