Non-bank-aligned adviser cops permanent ban

David Mario Alafaci was an authorised representative of non-bank dealer group Centra Wealth from July 2014 until January 2016, during which time he “misled” clients about his ability to issue invoices, ASIC said in a statement.

The regulator said Mr Alafaci had issued invoices “contrary to his contractual agreement with Centra and instructing clients to pay fees directly into his personal bank account”.

Mr Alafaci received a financial benefit from this activity at the expense of the licensee, the regulator found, and this conduct caused Centra to “suffer a financial loss”.

After leaving Centra in January 2016, Mr Alafaci was an authorised representative of non-bank dealer group Interprac Financial Planning until December of that same year.