Tribunal lightens ban on Sydney accountant

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The Administrative Appeals Tribunal has lightened an accountant's ASIC ban.

ASIC handed down an eight year ban to Sydney accountant Dimitri Amargianitakis in November of last year. The regulator alleged Amargianitakis had carried on a financial services business and made investment recommendations without holding an AFSL, and had signed financial statements in circumstances where he knew they were not accurate.

Amargianitakis appealed the decision to the Administrative Appeals Tribunal. The Tribunal agreed with ASIC's decision that he should be banned, but wound the period back from eight years to six. The AAT found that Amargianitakis carried on a financial services business and made investment recommendations without holding an AFSL, had a lack of appreciation for the regulatory framework in which he operated and provided information likely to mislead or deceive investors.

Amargianitakis has 28 days to appeal the Tribunal's decision in the Federal Court.

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