Financial advisory firm Dixon Advisory has reached an agreement with the corporate regulator to settle civil penalty proceedings, which related to advice provided to clients that directed them to buy or remain invested in its troubled United States property fund.

In a statement to the Australian Securities Exchange, E&P Financial – which operates Dixon Advisory – said it would pay the Commonwealth a pecuniary penalty of $7.2 million in addition to paying the legal and investigation costs of the Australian Securities and Investments Commission, which brought the action.