In November 2014 ASIC banned Dimitri Amargianitakis from providing financial services for eight years (refer: 14-318MR).

Mr Amargianitakis appealed ASIC’s decision in the Administrative Appeals Tribunal (AAT).  On 17 September 2015, the AAT upheld ASIC’s decision that he should be banned, however reduced the period from 8 years to 6 years. The AAT found Mr Amargianitakis: 

• carried on a financial services licence without holding an Australian financial service (AFS) licence;
• made investment recommendations to investors without holding an AFS licence;
• had a lack of appreciation for the regulatory framework in which he operated; and
• provided information that was likely to mislead or deceive investors.

 Mr Amargianitakis has 28 days to appeal this decision in the Federal Court.