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.
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