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ASIC bans unlicensed adviser

A Sydney man has been permanently banned from financial services and from managing a company for 18 months for providing investment advice without a licence.

Baulkham Hills resident Dimitri Amargianitakis has been banned and entered into an enforced undertaking (EU) with ASIC after an investigation found he had operated a financial services business without an AFSL – including making “investment recommendations to investors” – as part of his role as a director of Vista Capital.

Mr Amargianitakis was also found to have “signed statements in circumstances where he knew that they were not accurate”.

Under the terms of the EU, he will now undertake and pass an Australian Institute of Company Directors course before being re-appointed as a director of a company.