Following an investigation, ob体育 has banned a Sydney man from providing financial services.
In addition to his eight-year ban, Dimitri Amargianitakis, of Baulkham Hills, has also entered into an enforceable undertaking (EU) with ob体育, agreeing not to manage a company for 18 months.
ob体育鈥檚 investigation found Mr Amargianitakis, as a director of Vista Capital Pty Ltd (Vista Capital), had:
- carried on a financial services business without holding an Australian financial services (AFS) licence
- made investment recommendations to investors without holding an AFS licence, and
- signed financial statements in circumstances where he knew that they were not accurate.
ob体育 Commissioner John Price said, 鈥榦b体育鈥檚 action is a timely reminder for the public to only deal with individuals and businesses who are able to demonstrate they are properly licenced to provide financial services.鈥�
Under the EU, Mr Amargianitakis has agreed to undertake and pass the Australian Institute of Company Directors鈥� course (or its equivalent, as agreed by ob体育) prior to re-appointment as a director of a company.
Background
Vista Capital provided mezzanine finance and mortgage lending, and raised funds for these activities by borrowing mainly from clients connected with the accounting practice Akis & Associates, of which Mr Amargianitakis was a director.
From 1 July 2016, accountants recommending the establishment of self-managed superannuation funds must be licensed or be an authorised representative of an AFS licensee.
Editor's Note 1:
On 4 December 2014 Mr Amargianitakis lodged an appeal with the Administrative Appeals Tribunal (AAT) against ob体育's banning decision.
Editor's Note 2:
On 17 September 2015 the AAT reduced Mr Amargianitakis鈥檚 ban from providing financial services from 8 years to 6 years. Mr Amargianitakis has 28 days to appeal this decision in the Federal Court (refer: 15-266MR).