Former AMP adviser gets 10 years
Former Perth AMP financial adviser Anastasis Darcy Papas has been sentenced to 10 years jail on stealing and fraud charges totally $703,000.
Former Perth AMP financial adviser Anastasis Darcy Papas has been sentenced to 10 years jail on stealing and fraud charges totally $703,000.
Papas, a former AMP proper authority holder and adviser with Acclaim Financial Services, defrauded investors for a period of four years, ending up with a total 66 charges against him.
According to ASIC, many of the people Papas had defrauded were family and friends and a number were pensioners and disabled people from Perth’s Greek community.
In sentencing Papas, Western Australian district court judge Shauna Deane said there were very few lengths Papas was not prepared to go.
In November 1994, the Australian Securities and Investment Commission (ASIC) received a number of complaints about Papas and began an investigation. In April 1995, Papas was arrested and charged with further offences by ASIC and Western Australia Police.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
