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Friday 28 November 2014

14-318MR ASIC moves to protect public from unlicensed conduct

Following an investigation, ASIC has banned a Sydney man from providing financial services.

In addition to his eight-year ban, Dimitri Amargianitakis, of Baulkham Hills, has also entered into an enforceable undertaking (EU) with ASIC, agreeing not to manage a company for 18 months.

ASIC’s investigation found Mr Amargianitakis, as a director of Vista Capital Pty Ltd (Vista Capital), had:

  • carried on a financial services business without holding an Australian financial services (AFS) licence
  • made investment recommendations to investors without holding an AFS licence, and
  • signed financial statements in circumstances where he knew that they were not accurate.

ASIC Commissioner John Price said, ‘ASIC’s action is a timely reminder for the public to only deal with individuals and businesses who are able to demonstrate they are properly licenced to provide financial services.’

Under the EU, Mr Amargianitakis has agreed to undertake and pass the Australian Institute of Company Directors’ course (or its equivalent, as agreed by ASIC) prior to re-appointment as a director of a company.

Download the EU


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.

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.

Editor's Note 1:

On 4 December 2014 Mr Amargianitakis lodged an appeal with the Administrative Appeals Tribunal (AAT) against ASIC's banning decision.

Editor's Note 2:

On 17 September 2015 the AAT reduced Mr Amargianitakis’s ban from providing financial services from 8 years to 6 years. Mr Amargianitakis has 28 days to appeal this decision in the Federal Court (refer: 15-266MR).

Last updated: 23/09/2015 12:00