Sydney adviser permanently banned
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).
AUTHOR
Chris Dastoor
Recommended for you
While the last several months have seen increased market volatility, particularly in the US, advisers said there are multiple reasons why there has been an increase in defensive asset flows.
Scarcity Partners believes the dynamics playing out in the managed account and outsourced chief investment officer market are “here to stay” based on positive developments in financial advice.
Former executive chairman of failed stockbroker BBY, Glenn Rosewall, has been charged with aiding, abetting, counselling or procuring BBY’s dishonest conduct in relation to a financial service.
Fidelity International research has revealed Australian investors are significantly more optimistic about the market outlook and feeling more comfortable than their APAC peers, despite ongoing market volatility.
