ASIC permanently bans financial adviser Aristotle Papapavlou

ASIC has permanently banned financial adviser Aristotle Papapavlou from providing financial services and engaging in credit activities, following findings of dishonest, misleading and unprofessional conduct. The banning orders took effect from 1 April 2026 and apply to his involvement in both financial services and the credit industry.

ASIC found that Mr Papapavlou engaged in conduct that demonstrated a lack of competence and judgement while operating as a financial adviser. The regulator determined that he is not a fit and proper person, is not adequately trained or competent, and is likely to contravene financial services and credit laws in the future.

Findings on advice processes and product recommendations

In making the banning order, ASIC had regard to Mr Papapavlou’s involvement in a high volume advice process at Venture Egg. This process included the use of unlicensed third-party referrers to complete fact finds, and resulted in clients being advised to roll over their superannuation into products offered by Shield and First Guardian.

ASIC found that Mr Papapavlou was complicit in an advice process where he knew that financial advisers were dealing with clients on behalf of other Venture Egg financial advisers. Statements of Advice (SOA) were being put in his name, or the names of other financial advisers, and were presented to clients that he or the other advisers had not met.

ASIC also found that Mr Papapavlou knew unlicensed third-party referrers were presenting Statement of Advice documents to clients. The regulator determined that he preferred his own interests in receiving remuneration from recommending Shield and First Guardian over the interests of providing independent advice that was in clients’ best interests and appropriate for them.

Conduct in the credit industry

In relation to the credit industry, ASIC found that Mr Papapavlou engaged in dishonest, deceptive and unprofessional conduct by completing an assignment for another person and falsifying a reference on their behalf.

Scope of the permanent ban

The permanent banning order prohibits Mr Papapavlou from engaging in any credit activities, controlling another person who engages in credit activities, or performing any function involved in the engaging in of credit activities. It also prohibits him from providing any financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business.

Background and scale of related investments

Mr Papapavlou was first authorised in September 2012. He was an authorised representative of Interprac Financial Planning Pty Ltd under the corporate authorised representative of Ferras Merhi Pty Ltd & United Financial Advice Pty Ltd (Venture Egg) from 21 October 2021 to 31 July 2023. He was also an authorised representative of Hejaz Financial Advisers Pty Ltd from 5 September 2023 until 31 January 2026.

Around 11,800 people invested their money, including superannuation retirement savings, into Shield and First Guardian. In many cases, this occurred after people were contacted by lead generators and referred to financial advisers, who often recommended rolling over existing superannuation balances into a choice superannuation fund available on a platform or setting up a self-managed super fund to facilitate investment into Shield and First Guardian products.