ASIC has permanently banned Mr David Mario Alafaci, of Morphett Vale, South Australia from providing financial services on the basis that he is not of good fame or character.

Mr Alafaci 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. 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.