A South Australian financial adviser who the Australian Securities and Investments Commission (ASIC) alleged had directed client fees to his own personal bank account has been permanently banned.
ASIC announced on Friday that it had permanent banned David Mario Alafaci, of Morphett Vale, South Australia from providing financial services on the basis that he was not of good fame or character.
It said Alafaci was an authorised representative and employee of Centra Wealth Pty Ltd from 2 July 2014 to 11 January 2016 and an authorised representative of Interprac Financial Planning Pty Limited from 12 January 2016 to 16 December 2016.
The regulator said that it had found that Alafaci misled Centra's clients about his authority to issue invoices by issuing invoices contrary to his contractual agreement with Centra and instructing clients to pay fees directly into his personal bank account.
It said Alafaci received a financial benefit and acted in his own self-interest at the expense of his licensee and that Alafaci's conduct in issuing the invoices also misled Centra and caused it to suffer a financial loss.
The ASIC announcement said Alafaci's banning would be recorded on ASIC's Financial Advisers Register and noted that he had the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision.