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12-77AD ASIC permanently bans financial adviser following fraud conviction

Monday 23 April 2012

We have permanently banned Mr Christos Papaioannou, also known as Chris Pappas, from providing financial services following his conviction on fraud charges in the Magistrates Court of Victoria.

On 29 March 2012, Mr Papaioannou was convicted in the Magistrates Court of Victoria of four counts of obtaining money by deception and of one count of attempting to obtain money by deception. As a consequence, Mr Papaioannou was sentenced to prison for 15 months, wholly suspended for a period of 18 months.

Mr Papaioannou’s fraud convictions, which were brought by the Victoria Police, arose from conduct while he was an authorised representative of BDO Kendalls Wealth Management (Vic) Pty Ltd (as it then was). Mr Papaioannou withdrew, without authorisation, funds totalling $226,881.44 from several of his clients’ self-managed superannuation funds.

ASIC’s banning of Mr Papaioannou is part of ASIC’s ongoing efforts to improve standards across the financial services industry and ensure that participants act with the required professionalism, honesty and integrity.

Mr Papaioannou has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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