A former South Australian adviser has been banned permanently from providing advice after the corporate regulator found them to be “not of good fame or character”.
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.
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