Financial adviser Aristotle Papapavlou has been permanently banned from providing financial services after the corporate regulator found he engaged in dishonest, misleading and unprofessional conduct linked to the collapsed Shield and First Guardian funds.
The Australian Securities and Investments Commission (ASIC) said Mr Papapavlou demonstrated a lack of competence and judgement while working at Venture Egg Financial Services between late 2021 and mid-2023, a firm central to the scandal in which nearly 12,000 investors lost around $1 billion in superannuation savings.
ASIC found he was not a “fit and proper person”, was not adequately trained or competent, and was likely to contravene financial services laws in future.
It also alleged he was involved in advice processes where unlicensed third-party referrers completed fact finds, leading clients to be directed into Shield and First Guardian superannuation products.
The regulator said Mr Papapavlou was aware statements of advice were being issued in his name for clients he had not met.
ASIC also found he allegedly acted “dishonestly and deceptively” in the credit industry by completing an assignment for another person and falsifying a reference.
His banning follows other industry sanctions connected to the same collapsed funds, as regulators and government move to tighten consumer protections around superannuation switching and financial advice practices.
Source: The Australian.
