ASIC permanently bans financial adviser after court conviction
Following his conviction in the Magistrates Court of Victoria, the Australian Securities and Investments Commission (ASIC) has permanently banned Christos Papaioannou from providing financial services.
On 29 March 2012, Papaioannou was found guilty by the Magistrates Court of obtaining money by deception, and of one count of attempting to obtain money by deception.
ASIC stated that Papaioannou was subsequently sentenced to prison for 15 months, with the sentence wholly suspended for a period of 18 months.
The fraud convictions concern his conduct as an authorised representative of BDO Kendalls Wealth Management, as it was then known.
Victorian police charged that Papaioannou had withdrawn, without authorisation, funds totalling $226,881 from several of his clients' self-managed superannuation funds.
Papaioannou has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's review.
Recommended for you
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
While efficiency remains a top priority for Australian advisers, State Street has revealed the profession is now juggling this desire with the need to maintain personalisation of its service offering.
A possible acquisition of data provider Iress is becoming a greater likelihood after the firm announced it is engaging with multiple interested parties.
