ASIC probes ex-director of collapsed advice firm
The corporate regulator is investigating the former director of a Gold Coast SMSF advice practice who opened a new advice business three months before his former firm was placed into liquidation.
Queensland adviser Garry Bradburn had registered financial planning business Lotustar Financial Planning in May 2020 under an office address in the Gold Coast suburb of Southport.
Lotustar Financial Planning’s website lists Mr Bradburn, who is an authorised representative of Bluewater Financial Advisers, as the company’s executive director.
Mr Bradburn was formerly the director of liquidated advice firm Lotustar Financial for three years. During that time, he was an authorised representative of Dover and Synchron before joining Bluewater in mid-2019, ASIC records show.
In June 2020, Mr Bradburn had resigned as director of Lotustar Financial and appointed Paul Logan, who it’s understood had no advice experience or previous involvement in the company, as its sole director.
Liquidator Menzies Advisory was appointed to Lotustar Financial — which was registered to the same Southport office address as Lotustar Financial Planning — in August 2020.
Sister brand ifa understands the case is now the subject of an ASIC investigation following Mr Bradburn’s refusal to co-operate with liquidators.
The regulator was unable to comment on the status of the investigation, while Mr Bradburn could not be reached for comment.
