ASIC has made two orders permanently banning Yanchep-based financial adviser Mark Raymond Sebo following his convictions of fraud.
The convictions related to Mr Sebo stealing funds from his client’s superannuation funds. Under the Corporations Act and National Consumer Credit Protection Act, ASIC may permanently ban a person from the financial services and credit industries if they are convicted of fraud. Consequently, on the basis of these convictions, Mr Sebo has been banned permanently from:
providing any financial services;
performing any function involved in the carrying on of a financial services business;
controlling an entity that carries on a financial services business;
engaging in any credit activities;
performing any function involved in the engaging in of credit activities; and
controlling, whether alone or in concert with one or more other entities, another person who engages in credit activities.
The banning took effect from 5 February 2024.