ASIC has issued a permanent ban against Delan Pagliaccio of Hope Island, Queensland. Prohibiting him from providing any financial services, controlling entities engaged in financial services business, and performing any function related to the operation of a financial services business.

Mr. Pagliaccio served as the sole director of Veridian Securities Pty Ltd (now deregistered), Veridian Markets Pty Ltd (currently undergoing external administration), and Synergy Asia Pacific Partners Pty Ltd (formerly known as SKR Private Pty Ltd and Synergy Equities Group Pty Ltd).

In relation to this, ASIC has cancelled the Australian Financial Services Licence (AFSL) held by Synergy Asia Pacific Partners Pty Ltd.

Between May 2017 and June 2022, while serving as the director of Veridian Markets, Mr. Pagliaccio engaged in dishonest, deceptive, and misleading conduct regarding financial products or financial services. He also continued to provide financial services after Veridian Markets Pty Ltd no longer held an AFS license.

ASIC found that Mr. Pagliaccio is unfit to provide financial services due to his conduct, which included:

• Making representations to prospective clients that Veridian could invest their funds in Macquarie Bank Cash Management accounts on their behalf, promising guaranteed annual returns of 8%.

• Misappropriating clients' funds for personal use without authorization.

• Failing to return funds, even upon client requests.

Mr. Pagliaccio's ban has been recorded on ASIC's Banned and Disqualified Register.

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

This information comes from the official ASIC media release on the 19th of December 2023 and is true at the time of publishing. To read ASICs media release click here