QUESTION Wally runs a financial planning business from a vintage caravan at the back of his grandmother's house in South Melbourne. Abdul saw Wally's street signage when he was jogging past. The sign said, "Wally's Expert Financial Services. My goal is to make you rich."

Abdul has $80,000 to invest and decides to approach Wally for investment advice. Wally meets with Abdul in the caravan he uses as an "office". They have a hot cup of tea together and discuss Abul's investment goals. Abdul is charmed by Wally's friendly and personable manner.

Wally convinces Abdul to invest all his $80,000 with a company called Dodgy Inc Pty Ltd. Three weeks later Abdul's cousin, who is an ex-client of Wally's, informs Abdul that Wally is totally untrustworthy, and that ASIC has banned him from holding an Australian Financial Services Licence for 5 years.

Abdul is now very concerned that he will lose his $80,000 and seeks your urgent advice. (10 marks)

Required Advise Abdul if he has any statutory remedies against Wally. Support your advice with relevant sections of the Corporations Act 2001 (Cth).