Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

ASIC permanently bans financial adviser

ASIC has permanently banned a South Australian financial adviser from providing financial services on the basis that he is not of good fame or character.

In a statement released on Thursday (4 January), ASIC explained that David Mario Alafaci, of Morphett Vale, SA, was an authorised representative and employee of Centra Wealth Pty Ltd from 2 July 2014 to 11 January 2016 and an authorised representative of Interprac Financial Planning Pty Limited from 12 January 2016 to 16 December 2016.

ASIC found that Mr Alafaci misled Centra’s clients about his authority to issue invoices by issuing invoices contrary to his contractual agreement with Centra and instructing clients to pay fees directly into his personal bank account.

Advertisement
Advertisement

According to the regulator, Mr Alafaci received a financial benefit and acted in his own self-interest at the expense of his licensee. Mr Alafaci’s conduct in issuing the invoices also misled Centra and caused it to suffer a financial loss.

Mr Alafaci’s banning will be recorded on ASIC’s Financial Advisers Register.

Mr Alafaci has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

ASIC permanently bans financial adviser
mortgagebusiness

 

Latest News

The newly instated BOQ CEO has committed to revamping the bank’s home lending business amid a “disappointing” FY19 result. ...

The chairman and CEO of a non-major bank has called for an end to political “point scoring” at the expense of Australia’s banking syst...

The value of home loans taken out by investors has increased 11.6 per cent in the three months ending August 2019, according to a CoreLogic ...

FROM THE WEB
podcast

LATEST PODCAST: Mortgage pricing and product switching

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.