ASIC permanently bans man for spruiking
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.
AUTHOR
Oksana Patron
Recommended for you
The Compensation Scheme of Last Resort has released the FY26 revised levy estimate, but the FAAA is concerned costs will be pushed into the following year.
Former Iress chief executive, Andrew Walsh, has been promoted to chair of a boutique Sydney advisory firm, having stepped down from the same position at Mason Stevens.
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
The finalists for the 2025 Australian Wealth Management Awards have been revealed, shining a spotlight on the top performers and rising stars across the nation’s wealth sector.
