Former financial adviser, Mr John Vafiadis, previously of Hobart, has appeared in the Hobart Magistrates’ Court charged with two counts of carrying on a financial services business without an Australian Financial Services licence (AFSL) following an investigation by ASIC.

ASIC alleges that between January 2006 and February 2009, Mr Vafiadis provided financial product advice and dealt in financial products.

ASIC claims that Mr Vafiadis put in place commission arrangements for these services and, throughout the period of the alleged conduct, did not have an AFSL or an authorisation to carry on a financial services business.

Mr Vafiadis was previously an authorised representative of a financial services licensee from 1 January 2004 until 22 November 2005.

If convicted, Mr Vafiadis faces up to two years’ imprisonment, a $22,000 fine, or both, on each of the two charges.

The matter was adjourned until 20 January 2011.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

Editor's note

On 20 January 2011, Mr Vafiadis pleaded not guilty to both counts. Mr Vafiadis' next court appearance is 10 February 2011.