This EU also emphasises ASIC’s

"LandepNews"
The corporate regulator has accepted an enforceable undertaking from a Sydney-based financial adviser, following concerns of misconduct involving SMSF investors.
The EU permanently prevents Gabriel Nakhl from providing financial services, and he has also agreed to not manage a company for 15 years.
As part of an ongoing investigation into Mr Nakhl’s conduct over three years at SydFA Pty Limited, which is now in liquidation, ASIC is concerned Mr Nakhl “improperly used his position as a director to gain an advantage for himself,” the regulator stated.
Specifically, Mr Nakhl advised some clients, including those in SMSFs, to advance money to him so that he could invest it in a high interest rate account on their behalf and pay them a fixed return.
ASIC stated it is concerned Mr Nakhl instead spent the money, among other things, on his private sports car and motorbike hire business and himself.
“Mr Nakhl breached the trust many investors placed in him,” ASIC deputy chairman Peter Kell said.
“This EU also emphasises ASIC’s recent focus on targeting misconduct within the SMSF sector.”
“Setting up an SMSF is one of the most significant steps an investor can take, and where an individual or company’s conduct unlawfully puts that investment at risk, ASIC will take action,” Mr Kell said.