Aggregated News From Investment Management Regulators

ASIC permanently bans former Sydney financial adviser

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ASIC has permanently banned former Sydney financial adviser Mr Daniel Stuart McSweeny from providing financial services.

Mr McSweeny was an authorised representative of Australian Financial Services Group Ltd (in liquidation) between 12 April 2006 and 19 December 2012. He was also a director of FF&I Holdings Pty Ltd (in liquidation) during the period it was an authorised representative of Australian Financial Services Group Ltd between 11 May 2007 and 1 May 2013.

On 18 December 2018, Mr McSweeny was charged with 20 dishonesty offences and one offence of falsifying books as a company director (18-384MR). An investigation by ASIC led to an allegation that Mr McSweeny had dishonestly transferred or directed others to transfer funds from bank accounts holding client funds. ASIC also alleged that Mr McSweeny directed an employee to construct a back-dated Statement of Advice in response to an investigation being conducted following a complaint.

On 11 February 2020 following a two-day fitness hearing, the NSW District Court found Mr McSweeny was unfit to stand trial and unlikely to become fit in the next 12 months (20-031MR). In making this decision, her Honour Judge Flannery found that there was enough evidence to support the charges of dishonesty and falsifying books, in the absence of evidence from the defendant.

ASIC determined that a permanent ban from the provision of financial services was appropriate given the Court’s findings.

Mr McSweeny’s banning is recorded on ASIC’s Banned and Disqualified Persons register.

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

Background

In May 2019, ASIC previously disqualified Mr McSweeny from managing companies for the maximum period of five years following his involvement in 14 failed companies (19-119MR).

This news item was originally published by the Australian Securities and Investments Commission (ASIC AU). For more information, please see the Source Link.

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

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