ASIC ban prevents any involvement in a financial services business
ASIC has permanently banned Gold Coast financial adviser Delan Pagliaccio from providing any financial services, controlling an entity that carries a financial services business and performing any function involved in the carrying on of a financial services business.
Pagliaccio of Hope Island, Queensland, was the sole director of Veridian Securities Pty Ltd (deregistered), Veridian Markets Pty Ltd (undergoing external administration), and Synergy Asia Pacific Partners Pty Ltd (previously known as SKR Private Pty Ltd and Synergy Equities Group Pty Ltd).
The Australian Securities and Investments Commission also cancelled the Australian Financial Services Licence (AFSL) held by Synergy Asia Pacific Partners Pty Ltd.
In a media release on the ASIC website, ASIC stated that from May 2017 to June 2022, Pagliaccio as the director of Veridian Markets, engaged in dishonest and deceptive and misleading conduct relating to a financial product or financial service.
ASIC also said that Pagliaccio continued to provide financial services after Veridian Markets Pty Ltd no longer had AFS licence authorisation.
The corporate regulator has determined that Pagliaccio is not a fit and proper person to provide financial services due to his conduct when he:
- made representations to prospective clients that Veridian could on their behalf, invest their funds in Macquarie Bank Cash Management accounts and achieve guaranteed returns of 8% annually;
- applied the clients’ funds, for personal use, without having authority or permission from the clients to do so; and
- failed to return funds, even when clients requested redemption of their funds.
Pagliaccio’s banning has been recorded on ASIC's Banned and disqualified register. He has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
