Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Unlicensed lender banned

financial-services-licence/financial-services-business/australian-financial-services/director/australian-securities-and-investments-commission/enforceable-undertaking/

28 November 2014
| By Nicholas |
image
image image
expand image

A Sydney-sider who made investment recommendations to clients without holding an Australian Financial Services Licence (AFSL) has been banned from providing financial services for eight years.

An investigation carried out by the Australian Securities and Investments Commission (ASIC) found that Dimitri Amargianitakis of Baulkham Hills, a director of Vista Capital Pty Ltd, ran a financial services business without holding an AFSL, and also signed financial statements in circumstances where he knew that they were not accurate.

ASIC revealed that Vista Capital provided mezzanine finance and mortgage lending services, and raised funds for these activities by borrowing mainly from clients connected with the accounting practice Akis & Associates, of which Amargianitakis was a director.

In addition to his eight-year ban, Amargiantiakis, has entered into an enforceable undertaking with ASIC, agreeing not to manage a company for 18 months, and to undertake and pass the Australian Institute of Company Directors' course, or its equivalent, before being reappointed as a director of a company.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

6 days 9 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 month ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month 1 week ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 2 days ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 2 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND