Regulatory Alerts2026-02-05
ASIC permanently bans former NSW financial adviser David Valvo
The Australian Securities and Investments Commission has permanently banned former New South Wales financial adviser David Mario Valvo from providing financial services following his conviction for dishonesty offences. Valvo was found guilty of obtaining $110,000 from clients' superannuation accounts between July 2019 and January 2020 by submitting unauthorised fee forms. The banning order, which took effect on 22 January 2026, prohibits him from controlling or operating any entity involved in the financial services business.
ASIC has permanently banned former New South Wales financial adviser David Mario Valvo from providing financial services following his conviction for dishonesty offences.
Mr Valvo was convicted in 2025 of engaging in dishonest conduct in the course of carrying on a financial services business. Between July 2019 and January 2020, he dishonestly obtained $110,000 from his clients’ superannuation accounts by submitting ad hoc adviser fee forms which purported to authorise withdrawals from their superannuation accounts, which they had not approved, signed nor consented to.
ASIC has permanently banned Mr Valvo from:
providing any financial services
controlling, whether alone or with others, an entity that carries on a financial services business, and
performing any function involved in the operation of a financial services business.
The banning order took effect on 22 January 2026 and has been recorded on ASIC’s banned and disqualified register.
Background
Under the Corporations Act and National Consumer Credit Protection Act, ASIC may permanently ban a person from providing financial services if they have been convicted of fraud.
On 5 July 2023, ASIC commenced travel and asset restraint proceedings which have now been finalised ( 23-226MR ).
On 12 February 2025 Mr Valvo was sentenced for dishonest conduct ( 25-076MR) .
Consumers can find guidance on identifying potential superannuation scams on ASIC’s Moneysmart website signs of a superannuation scam .