ASIC has permanently banned former adviser Aristotle Papapavlou from providing financial services and engaging in credit activities, citing serious misconduct and concerns about future compliance.
In a statement, ASIC said it found Papapavlou engaged in “dishonest, misleading and unprofessional conduct” and demonstrated a lack of competence and judgement. The regulator concluded he is not a fit and proper person and is likely to breach financial services and credit laws.
The decision relates in part to Papapavlou’s involvement in a high-volume advice model at Venture Egg. ASIC found the process relied on unlicensed third-party referrers to complete client fact finds and led to recommendations for clients to roll their superannuation into Shield and First Guardian products, two firms that subsequently failed.
…unlicensed referrers were presenting advice documents to clients…
ASIC further alleged Papapavlou was complicit in an advice framework where SoEs were issued in his name, or in the names of other advisers, to clients they had not met.
It also found he was aware that unlicensed referrers were presenting advice documents to clients, and that he prioritised remuneration linked to product recommendations over clients’ best interests.
Separately, ASIC found misconduct in the credit space, alleging he falsified a reference for another individual.
The banning orders, effective 1 April 2026, prevent Papapavlou from providing financial services, engaging in credit activities, or controlling related businesses. He has the right to seek a review through the Administrative Review Tribunal.
Five-year ban
In a separate ASIC decision, former financial adviser Shane Monte Silva has been banned from the financial services industry for five years after the regulator found he failed to act in the best interests of five clients when recommending they switch their superannuation funds to invest in schemes including the Shield Master Fund and the First Guardian Master Fund.
The banning order took effect from 11 December 2025. Silva has made an application to the Administrative Review Tribunal to review the decision.
So he also had to sit the mandatory ethics course, obviously that didn't help.
Don't forget the 9 hours of Ethics CPD mandated each year!
Must have passed the ethics course with flying colours!
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