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.
This seems far too lenient. Why isn’t corporations law enforced. There are already strict requirements for AFSL holders and those representing to be if they don’t hold an AFSL.
Yes google the bloke. No mention anywhere on his business sites of a ban.Talk about a wrap over the knuckles with a feather duster…
Perhaps this should be renamed “ASIC bans dodgy accountant”?
Googled his name, turns out he is an accountant. Is he the first domino to fall?
What ASIC has done is PERMANENTLY banned him from financial services… What IFA has done is refer to him as an “adviser”.
If the bloke didn’t have an AR number with ASIC, please do not call him an adviser. He clearly is not.
WOW that’s a deterrent
I wonder what this guy did differently to the thousands of accountants, real estate agents, and mortgage brokers who provide unlicensed investment advice every day?
Another to help our bad name.
Its like telling the crooks you cannot have guns; they just have them anyway.
Strange how a person can be banned from operating in an industry they were not able to. Looking for the punishment of the crime