Emmanuel Cassimatis has been ordered to pay $20,000 in fines and has had his FPA membership cancelled, the advice association announced today.
The former founder of failed advice group Storm Financial was handed down the fine and expulsion after the FPA found him guilty of multiple breaches of its code of ethics and rules.
The association found Cassimatis guilty of four charges after lengthy investigations were conducted by its Conduct Review Commission's Disciplinary Panel.
Cassimatis was not a certified financial planner or practitioner member of the FPA but was a general member at the time of the complaint, a statement from the FPA said.
The panel's charges against Cassimatis, including expulsion, become effective after 21 days.
Cassimatis has the right to seek a review of the panel's ruling.
Storm Financial collapsed in January 2009.
