ASIC has lashed Daniel McSweeny, who was an authorised representative of Australian Financial Services Group (now in liquidation) between 12 April 2006 and 19 December 2012.
He was also a director of F&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 Thursday, the NSW District Court found Mr McSweeny was unfit to stand trial and unlikely to become fit in the next 12 months, following a two-day fitness hearing.
In December 2018, Mr McSweeny was charged with 20 dishonesty offences and one offence of falsifying books as a company director.
Following an investigation, ASIC alleged that Mr McSweeny had dishonestly transferred or directed others to transfer funds from bank accounts holding client funds.
The regulator also alleged that Mr McSweeny directed an employee to construct a back-dated Statement of Advice in response to an investigation following a complaint.
In the new decision, Judge Leonie Flannery ruled 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.
The regulator had also previously disqualified Mr McSweeny from managing companies for the maximum period of five years following his involvement in 14 failed companies in May 2019.
Mr McSweeny’s banning is recorded on ASIC’s Banned and Disqualified Persons register.
He has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Stealing money from people = Bad and should be punished
Stealing money from the taxpayer = that’s OK and if your name is James Shipton ASIC will even help cover it up
Enough evidence in the absence of evidence from the defendant. One has to be joking right? 2012 – Really?
Good to see ASIC going after him, dishonestly and taking money from others is a bad thing, as is not assisting with an investigation and keeping proper records. Well unless your name is James Shipton. Then you can steal money from whoever you want and get paid for three months to find your replacement. A bit different to being banned.