Unlicensed lender banned
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.
AUTHOR
Nicholas O'Donoghue
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
