Login
ISCOVER
The corporate watchdog has banned a Sydney mortgage lender from providing financial services following an investigation.
Dimitri Amargianitakis of Baulkham Hills has received an eight-year ban and has also entered into an enforceable undertaking not to manage a company for 18 months.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
ASIC's investigation found that Mr Amargianitakis, as a director of Vista Capital, had carried on a financial services business without holding an Australian financial services (AFS) licence.
It also found he had made investment recommendations to investors without holding an AFS licence, and signed financial statements despite knowing they were not accurate.
Vista Capital provided mezzanine finance and mortgage lending, and raised funds for these activities by borrowing mainly from clients connected with the accounting practice Akis & Associates, of which Mr Amargianitakis was a director.
ASIC commissioner John Price said the regulator's action was a timely reminder for the public to only deal with individuals and businesses that can demonstrate they are properly licenced.
Under the enforceable undertaking, Mr Amargianitakis has agreed to undertake and pass the Australian Institute of Company Directors course before being reappointed as a director.
From 1 July 2016, accountants recommending the establishment of self-managed superannuation funds must be licensed or be an authorised representative of an AFS licensee.
[Related: ASIC slaps director with 10-year credit ban]
