‘High volume advice process’ lands Venture Egg adviser permanent ban

In its second ban related to a Venture Egg adviser, ASIC has permanently banned Papapavlou from any involvement in a financial services business and engaging in credit activities.

“ASIC found that Mr Papapavlou engaged in dishonest, misleading and unprofessional conduct, and demonstrated a lack of competence and judgement while operating as a financial adviser,” the regulator said.

X

Continue to Website

“ASIC also found that Mr Papapavlou is not a fit and proper person, is not adequately trained or competent, and is likely to contravene financial services and credit laws in the future.”

According to ASIC, Papapavlou was involved in a “high volume advice process” at Venture Egg, which involved “unlicensed third party referrers completing the fact finds, and resulted in clients being advised to roll over their superannuation into Shield and First Guardian”.

Papapavlou was an authorised representative of Interprac Financial Planning through Venture Egg from 21 October 2021 to 31 July 2023, and was subsequently an authorised representative of Hejaz Financial Advisers from 5 September 2023 until 31 January 2026.

“ASIC also found that Mr Papapavlou was complicit in an advice process where he knew that financial advisers were dealing with clients on behalf of other Venture Egg financial advisers and that Statements of Advice (SOA) were being put in his name, or the name of other financial advisers, and were being presented to clients that he or the other financial advisers had not met,” it said.

“ASIC also found that Mr Papapavlou knew unlicensed third-party referrers were presenting Statement of Advice documents to clients and that he preferred his own interests in receiving remuneration from recommending Shield and First Guardian over the interests of providing independent advice to clients that was in their best interest and appropriate.”

Beyond his advice related misconduct, ASIC said Papapavlou also engaged in dishonest, deceptive and unprofessional conduct in relation to the credit industry by completing an assignment for and falsifying a reference for another person.

In permanently banning Papapavlou, ASIC prohibits the former adviser from:

• engaging in any credit activities;
• controlling, whether alone or with one or more other entities, another person who engages in credit activities;
• performing any function involved in the engaging in of credit activities, including as an officer;
• providing any financial services;
• performing any function involved in the carrying on of a financial services business, including as an officer of an entity carrying on that business; and
• controlling an entity that carries on a financial services business.

The banning orders took effect from 1 April 2026 and Papapavlou has the right to apply to the Administrative Review Tribunal for a review of ASIC’s decisions.

It follows the regulator banning Nicholas Hogan for four years for failing to act in the best interests of clients, inappropriate advice and misleading, deceptive and unprofessional conduct.

ASIC found Hogan engaged in misleading, deceptive and or unprofessional conduct by impersonating other advisers, knowingly having statements of advice (SOA) prepared by others in his name, and presenting SOAs in the name of other advisers to clients of Venture Egg and Reilly Financial with limited interaction between himself and the clients.

Last month, the Federal Court ordered that Venture Egg Financial Services Pty Ltd and United Financial Advice, which had traded as a partnership under the name Venture Egg, to be wound up.

ASIC had applied for the firms to be wound up in September 2025, alongside a range of other action against Merhi, who was the sole director and shareholder of the firms as well as licensee Financial Services Group Australia (FSGA).

The Court appointed Renee Sarah Di Carlo of Rodgers Reidy as liquidator to both companies.