Sydney adviser permanently banned

ASIC/AAT/Daniel-McSweeny/

15 February 2021
| By Chris Dastoor |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has permanently banned former Sydney Financial Adviser Daniel McSweeny from providing financial services for dishonesty and falsifying books.

McSweeny was an authorised representative (AR) of Australian Financial Services Group, which was in liquidation, from 12 April, 2006, to 19 December, 2012.

He was also a director of FF&I Holdings, also in liquidation, during the period it was an AR of Australian Financial Services Group 11 May, 207, and 1 May, 2013.

On 18 December, 2018, McSweeney was charged with 20 dishonesty offences and one offence on falsifying books as a company director.

An investigation by ASIC led to an allegation that McSweeny directed an employee to construct a back-dated statement of advice (SoA) 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 McSweeny was unfit to stand trial and unlikely to become fit in the next 12 months.

In Making this decision, 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.

His banning was recorded on ASIC’s Banned and Disqualified Persons register, and he had the right to appeal to the Administrative Appeals Tribunal (AAT).

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 3 weeks ago

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

2 months 3 weeks ago

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

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND