This article is from the Australian Property Journal archive
THE Supreme Court of NSW has made two orders against Park Trent Properties Group after the court found the company unlawfully carried on a financial services business for over five years.
The court made declarations that Park Trent had unlawfully providing advice to clients to purchase investment properties through a self-managed super fund (SMSF).
The court made a permanent injunction against Park Trent restraining them from providing unlicensed financial product advice to clients regarding SMSF’s.
The orders also require Park Trent to post a notice on its website outlining the orders made against it.
“The publication of a notice on its website appropriately recognises the seriousness of Park Trent’s contravention and the public interest in bringing Park Trent’s conduct to the attention of the community,” Acting Justice Sackville said.
ASIC commissioner Greg Tanzer said the outcome sends a strong message, that there are serious consequences for property spruikers who break the law by providing unlicensed financial advice.
Australian Property Journal