ASIC permanently bans former NSW based adviser

ASIC has permanently banned Sean John Sweeney of Lindfield, New South Wales, after he was convicted of fraud offenses on 4 November 2022.

Mr. Sweeney is 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.

Mr. Sweeney was authorized to provide advice between 17 November 2014 to 30 July 2018. Mr. Sweeney 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 authorized from 1 July 2020 to 30 July 2020. Mr. Sweeney was convicted of fraud on 4 November 2022 in the Local Court of NSW at Hornsby.

Financial advisers must act with honesty and integrity in their dealings with clients. ASIC may ban a financial adviser if it has reason to believe that they are not a fit and proper person to provide financial services or that they are likely to contravene a financial services law.

On 21 December 2022, Mr. Sweeney filed an application at the Administrative Appeals Tribunal (AAT) seeking a review of ASIC’s decision. This decision is currently pending.

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