R v Valvo

[2025] NSWDC 422

District Court

New South Wales

• Amendment notes

Medium Neutral Citation:

R v Valvo [2025] NSWDC 422

Hearing dates:

7, 12 February 2025

Date of orders:

12 February 2025

Decision date:

12 February 2025

Jurisdiction:

Criminal

Before:

Neilson DCJ

Decision:

See par [115].

Catchwords:

CRIME – SENTENCE – Engage in dishonest conduct in relation to a financial product while carrying out a financial services business – Approximately $10,000 taken from each of 12 victims’ superannuation accounts – Offender submitted Change of Account Fees forms to administrator of superannuation fund, known by him to be not genuine – All victims paid back (only 2x wholly by offender) – Little evidence as to financial standing of offender, fine of $20,000 imposed in addition to a suspended sentence of imprisonment.

Legislation Cited:

Corporations Act 2001 (Cth) ss 760A, 1041G, 1311(1)

Crimes Act 1914 (Cth) ss 16A(2), 16C, 17A(1), 20(1)(b)

Cases Cited:

DPP (Cth) v Gregory (2011) 34 VR 1, [53]

Jahandideh v R [2014] NSWCCA 178

Nicholls v R [2016] VSCA 300, [42]

Texts Cited:

Nil.

Category:

Sentence

Parties:

Crown – R (Cth)
Offender – David Mario Valvo

Representation:

Counsel:
Crown – Ms Wootton, N.
Offender – Mr Clark, B.

Solicitors:
Crown – Office of the Director of Public Prosecutions (Cth)
Offender – Baker Ryrie Rickards Titmarsh

File Number(s):

2024/00113580

Publication restriction:

Nil.

Judgment

1. HIS HONOUR: David Mario Valvo stands for sentence as a consequence of pleading guilty to a charge that between about 23 July 2019 and about 15 January 2020, at Sydney in this State, he did in the course of carrying on a financial services business in this jurisdiction engage in dishonest conduct in relation to a financial product, contrary to s 1041G and s 1311(1) of the Corporations Act 2001 (Cth) (‘Corporations Act’). The maximum penalty for that offence is 15 years imprisonment and/or a fine in the circumstances of this case amounting to $945,000.

2. The following are the particulars of the charge: the offender did on or about 23 July 2019, 7 August 2019, 3 September 2019, 7 November 2019, 26 November 2019 and 17 December 2019, in the course of carrying out the business known as Your Financial Freedom Pty Ltd, completed and submitted Change of Account Fees forms to Macquarie Investment Management Pty Ltd to pay “adviser fees - ad hoc” in the amount of $10,000 or $5,000 in relation to Wealthtrac Superannuation Master Trust and Todd Haywood, Deborah Logan, Francis Muir, Camille Usher, Garry Whan, Romolo Costagliola, Ilija Bicanic, Jane Aming, David Attard, Megan Attard, Alexandra Bartlett and Prodomos Aspris, which the offender knew were not genuine. The offence can be seen as a “rolled up” offence in respect of the 12 personal victims of the offender’s activity.

3. The offender became a registered financial adviser on 1 February 2004. His registered number on the financial services register was 273031. At all relevant times during the period of his offending between July 2019 and January 2020, the offender was the sole director and…