Nicholas Maikousis, a Director and President at South Melbourne FC, has resigned from his position, according to an announcement by the Club today.
The Club said Maikousis will step down “effective immediately, in order to focus on his personal business.”
Bill Papastergiadis OAM will be overseeing the operation of the Board as Chairman until the upcoming Annual General Meeting (AGM).
“South Melbourne FC remains focused on the upcoming inaugural season of the Championship and its recent inclusion in the Oceania Professional League,” the Club statement reads.
“South Melbourne FC thanks Nicholas for his contribution to the club over many years.”
This news comes after Maikousis’ MWL Financial Group had its licence cancelled by the Australian Securities and Investments Commission (ASIC). Maikousis was also banned from the financial services industry for 10 years.
ASIC announced last week it had taken enforcement action in connection with the Shield Master Fund, which attracted hundreds of millions of dollars in investments.
The regulator found that MWL operated what it described as a “low-cost advice project,” which channelled client superannuation savings into the fund. Between September 2021 and February 2024, more than 750 clients allegedly invested a combined $155 million into Shield through MWL.
On Thursday, August 28, SLF Lawyers, acting for MWL and Maikousis, lodged an application with the Administrative Review Tribunal seeking an urgent review and a stay of the ban.
