Regulator bans Hope Island financial adviser

The corporate regulator has permanently banned Delan Pagliaccio of Hope Island, Queensland, 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.

According to the Australian Securities and Investments Commission (ASIC), Mr Pagliaccio was the sole director of Veridian Securities (deregistered), Veridian Markets (undergoing external administration), and Synergy Asia Pacific Partners (previously known as SKR Private and Synergy Equities Group).

ASIC has also cancelled the Australian Financial Services Licence (AFSL) held by Synergy Asia Pacific Partners.

From May 2017 to June 2022, Mr Pagliaccio, as the director of Veridian Markets, engaged in dishonest, deceptive, and misleading conduct relating to a financial product or financial service, the regulator said.

Further, Mr Pagliaccio continued to provide financial services after Veridian Markets no longer had AFSL authorisation.

ASIC added that it determined Mr Pagliaccio is not a fit and proper person to provide financial services due 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 per cent annually.
• Applied the clients’ funds, for personal use, without having authority or permission from the clients to do so.
• Failed to return funds, even when clients requested redemption of their funds.

Mr 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.