ASIC permanently bans man for spruiking

ASIC/ASIC-bans/financial-planning/

25 September 2017
| By Oksana Patron |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has banned permanently John Dimitropoulos of Seven Hills, New South Wales, from financial services and credit in connection with property and self-managed superannuation fund (SMSF) spruiking.

Dimitropoulos' banning arises from ASIC's ongoing investigation into a property and self-managed superannuation fund (SMSF) promoting group, which includes the companies formerly called Heritage Financial Solutions Australia Pty Ltd (in liq) and Sunpac Finance Pty Ltd.

Additionally, at all relevant times Dimitropoulos was the sole director of Sunpac Finance and while he was never appointed as a director of Heritage Financial Solutions, the regulator found that he had been an integral part in the management of Heritage Financial Solutions.

Also, Dimitropoulos was found to be “likely to contravene credit legislation and financial services law in future”, ASIC said.

The ASIC’s investigation proved that between July, 2010, and mid-2013 he was engaged in a range of contraventions under financial services and credit laws. In particular, he:

  • Made false statements to ASIC in Sunpac Finance’s annual compliance certificates about Sunpac Finance’s compliance processes and procedures
  • Was involved in Sunapac Finance and Heritage Financial solutions’ breaches of their general conduct obligations as credit licensees
  • Was involved in Hertitage Financial Solutions carrying on a financial services business without a license; and
  • Engaged in conduct that demonstrated a fundamental lack of understanding of and regard for compliance and law

ASIC deputy chair Peter Kell, said: “Spruikers who recommend people invest in property via SMSFs, or facilitate such an investment, and who do not have an Australian financial services licence are breaking the law.

ASIC made its decision in June and Dimitropoulos filed for its review in the Administrative Appeals Tribunal (AAT), together with an application seeking a stay of the banning decision and a confidentiality order.

In September, AAT informed it had refused the application.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

3 weeks 6 days ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 4 days ago

TOP PERFORMING FUNDS