In a statement released yesterday, ASIC stated 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,” the statement said.

ASIC stated it sought interim orders pending the outcome of its ongoing investigation, to preserve investors' assets and interests.

The regulator also noted that Ms Pearson has the right to apply to vary the orders, made on 18 July 2014.

Ms Pearson is the sole director and shareholder of Colisa, ASIC said, and 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.

ASIC noted it is not investigating the conduct of Ballast itself.