Court finds former adviser unfit for trial

Daniel-McSweeny/ASIC/

13 February 2020
| By Chris Dastoor |
image
image
expand image

Former financial adviser Daniel McSweeny has been found unfit to stand trial for 20 charges of dishonest use of his position as a director of two companies with the intention of directly gaining an advantage for himself and others, and one charge of falsification of books.

In determining that Sweeny was unfit to stand trial and unlikely to become fit in the next 12 months, Judge Flannery relied upon uncontested medical evidence tendered by each party.

Sweeny was originally charged on 27 November, 2018, which was referred to the District Court in 2019 after a question over McSweeny’s fitness to stand trial was raised by his legal representatives.

He was the sole director of Constantia Capital and Prettoria Capital, which are now both in liquidation, which held a bank account where his clients’ funds were transferred.

The Australian Securities and Investments Commission (ASIC) alleged between 28 March, 2011, and 24 December, 2012, he dishonestly transferred or directed others to transfer funds from these accounts for the benefit of himself or others.

Judge Flannery found a prima facie case had been established in relation to each of the offenses for which McSweeny had been charged.

McSweeny was released with conditions that he remained in the care of his treating doctors and follow their directions, with the order to continue for a period of three years from 11 February, 2020.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS