Adviser permanently banned
A Sydney financial adviser has been permanently banned from providing financial services following action launched by the Australian Securities and Investments Commission (ASIC).
The regulator announced this week that the man, George Nikiforidis, who had provided superannuation advice to players and employees of the Sydney Olympic Football Club (SOFC) between 2000 and 2003 operating as Encore Financial Services Pty Ltd, had been permanently banned.
ASIC alleged Nikiforidis failed to pass on superannuation payments he received on behalf of the SOFC players and employees, with these payments being transferred to his company with the expectation they would be forwarded to the relevant superannuation fund managers.
ASIC alleged that, instead, Nikiforidis transferred the funds to his own personal accounts and to two other companies of which he was the sole director — Taxi Insurance Services Pty Ltd (in liquidation) and Taxi Insurance Brokers Pty Ltd, which was deregistered in August last year.
ASIC noted that Nikiforidis has the right to appeal to the Administrative Appeals Tribunal.
AUTHOR
Mike Taylor
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