Financial Advisers: Hobart finanancial adviser charged with being unlicensed
Former financial adviser, Mr John Vafiadis, previously of Hobart, Tasmania has appeared in the Hobart Magistrates’ Court charged with two counts of carrying on a financial services business without an Australian Financial Services licence (AFSL).
The Australian Securities and Investment Commission (ASIC) alleges that between January 2006 and February 2009, Mr Vafiadis provided financial product advice and dealt in financial products.
ASIC claims that Mr Vafiadis put in place commission arrangements for these services and, throughout the period of the alleged conduct, did not have an AFSL or an authorisation to carry on a financial services business.
Mr Vafiadis was previously an authorised representative of a financial services licensee from 1 January 2004 until 22 November 2005.
If convicted, Mr Vafiadis faces up to two years’ imprisonment, a $22,000 fine, or both, on each of the two charges.
The case has been adjourned until 20 January 2011.
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