Following an ASIC application, the Federal Court in Perth has made interim asset preservation orders by consent against former Western Australia-based financial adviser Marion Joan Pearson and Colisa Pty Ltd (Colisa).

The court also made interim consent orders restraining Ms Pearson and Colisa from providing financial services advice or dealing in financial products, and from dealing with any client accounts without prior express written authority from the client.

ASIC obtained these orders in connection with its investigation into the use of investor funds, which were largely self-managed superannuation funds. ASIC sought interim orders pending the outcome of its ongoing investigation, to preserve investors’ assets and interests. Ms Pearson has the right to apply to vary the orders.

The orders were made on 18 July 2014.

Ms Pearson is the sole director and shareholder of Colisa. Ms Pearson and Colisa were at the relevant time, but are no longer, authorised representatives of the Australian financial services licence holder Ballast Financial Management Pty Ltd (Ballast). ASIC is not investigating the conduct of Ballast itself

ASIC has no further comment at this time.

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