Permanent ban for former Venture Egg adviser

Mike Taylor

Managing Editor and Publisher

9 April 2026

A former Venture Egg financial adviser has been permanently banned by the Australian Securities and Investments Commission (ASIC)for having engaged in dishonest, misleading and unprofessional conduct relating to advice around First Guardian.

The regulator said the man, Aristotle Papapavlou, had been involved in a high volume advice process at Venture Egg that included unlicensed third party referrers completing the fact finds, and resulted in clients being advised to roll over their superannuation into Shield and First Guardian.

ASIC said it found Papapavlou engaged in dishonest, misleading and unprofessional conduct, and demonstrated a lack of competence and judgement while operating as a financial adviser.

ASIC also found that Papapavlou 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.

ASIC also found that 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 and that Statements of Advice (SOA) were being put in his name, or the name of other financial advisers, and were being presented to clients that he or the other financial advisers had not met.

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

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

In permanently banning Mr Papapavlou, ASIC prohibits Mr Papapavlou from:

• engaging in any credit activities;
• controlling, whether alone or with one or more other entities, another person who engages in credit activities;
• performing any function involved in the engaging in of credit activities, including as an officer;
• providing any financial services;
• performing any function involved in the carrying on of a financial services business, including as an officer of an entity carrying on that business; and
• controlling an entity that carries on a financial services business

The banning orders took effect from 1 April 2026.