ASIC has frozen the assets of a financial adviser and associated companies.

The corporate regulator has initiated “urgent” Federal Court proceedings against a Brisbane-based financial adviser.

ASIC announced on Thursday that it had commenced urgent proceedings in the Federal Court against Sunny Mahendra Prakash and his affiliated companies, including Principal Financial Services Pty Ltd, Self-Managed Super Pty Ltd, Provest Enterprises Pty Ltd, and Super Funds Australia Pty Ltd ITF Principal Superannuation Fund.

According to the regulator, Prakash is a certified practicing accountant, registered tax practitioner, self-managed superannuation fund auditor, and financial adviser authorized by Principal Financial Services Pty Ltd to provide financial product advice, including retirement savings account products and superannuation.