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SA adviser banned permanently

Friday 5 January 2018
David Mario Alfaci is the first financial services provider to be banned by the Australian Securities and Investment Commission in 2018 for not being of good character.

According to the Securities and Investments regulator, the former employee of Centra Wealth and Interpac Financial Planning violated his contractual agreement with Centra Wealth by issuing invoices and instructed clients to pay fees directly into his bank account.

According to the regulator:

Mr Alafaci received a financial benefit and acted in his own self-interest at the expense of his licensee. Mr Alafaci's conduct in issuing the invoices also misled Centra and caused it to suffer a financial loss.
His banning will be the first for 2018 to be recorded on ASIC’s Financial Advisers’ Register