Two former advisers permanently banned
Two former financial advisers have been permanently banned by the Australian Securities and Investments Commission (ASIC) for fraud offences.
Perth adviser, Rahul Goel, was permanently banned from having an involvement in financial services and credit activities.
In December 2022, Goel was sentenced to three years’ imprisonment for fraud offences to be released after serving 18 months, upon entering a $5,000 recognisance to be of good behaviour for two years. He had previously pleaded guilty to dishonestly obtaining over $35,000 from his clients’ superannuation accounts.
An ASIC investigation identified that after obtaining First Nations consumers’ superannuation details, he submitted falsified benefit access applications or hardship applications to the superannuation funds.
After funds were successfully released, Mr Goel retained up to 100% of the pay out in fees before forwarding the balance to the consumers.
He had the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
The second matter related to the permanent banning of Sean John Sweeney of New South Wales after he was convicted of fraud offences.
He was banned from providing any financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business.
Sweeney was authorised to provide advice between 17 November, 2014 to 30 July, 2018. He was the sole director of Sweeney Insurance Services which was authorised from 17 November, 2014 to 8 October,2018. Subsequently he was the sole director of Swinsure which was authorised from 1 July 2020 to 30 July 2020.
Sweeney was convicted of fraud on 4 November, 2022 in the Local Court of NSW at Hornsby.
On 21 December, 2022, Sweeney filed an application at the Administrative Appeals Tribunal (AAT) seeking a review of ASIC’s decision which was currently pending.
AUTHOR
Laura Dew
Recommended for you
While model figures provide valuable insights on how advisers can draw benefits from managed accounts, Zenith’s head of portfolio solutions has argued that professional judgement and quality research are key to successful implementation.
While the number of financial services staff using AI has almost doubled in the last year, two surveys have revealed that fast-paced AI adoption has led to governance gaps and growing concerns about job security.
Entireti has partnered with Striver to connect graduates and job seekers with its advice network to support the placement of new talent.
ASIC has cancelled the Australian financial services licence of Ivy League Capital Pty Ltd, a firm authorised to provide advice in relation to managed investment schemes.
