A South Australian financial adviser was permanently banned after he was found to be receiving fees for service into his personal bank account.
ASIC has banned David Mario Alafaci on the basis that he is not of good fame or character.
An authorised representative of Centra Wealth between 2 July 2014 and 11 January 2016, Alafaci deceived the dealer group's clients by issuing invoices to them, contrary to his contractual agreement with Centra.
In those invoices, Alafaci instructed clients to pay advice fees directly into his personal bank account, receiving a financial benefit.
ASIC determined that Alafaci acted in his own self-interest to the detriment of Centra, with his conduct also misleading Centra and causing it to suffer a financial loss.
More recently, Alafaci was licensed by Interprac Financial Planning and has also previously been an authorised representative of Charter Financial Planning. He is also a member of the Association of Independently Owned Financial Professionals.
With the ban effective from 22 December 2017, Alafaci has the right to appeal the decision in the Administrative Appeals Tribunal.