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Tuesday 18 December 2018

18-384MR Dishonesty charges laid against former Sydney financial adviser

Former Sydney financial adviser, Mr Daniel McSweeny, has been charged with 20 dishonesty offences alleged to have been committed when he was a company director. McSweeny ran financial services business, Wealth Achievers, with offices in Parramatta and Mosman. 

McSweeny appeared in the Downing Centre Local Court in Sydney today.

During the relevant period, McSweeny was sole director of two trustee companies, Constantia Capital Pty Ltd and Prettoria Capital Pty Ltd (both in liquidation), which each held a bank account into which his clients’ funds, mostly superannuation savings, were transferred. ASIC alleges that between 28 March 2011 and 24 December 2012, McSweeny dishonestly transferred or directed others to transfer funds from those bank accounts for the benefit of himself or others. 

ASIC also alleges that between 21 and 29 May 2012, McSweeny directed an employee to construct a back-dated Statement of Advice which was given to an Australian financial services licensee, A.C.N 055 796 211 Limited (in liquidation) (formerly AFS Group Ltd) (AFS Group), in answer to an investigation it was conducting following a complaint by one of McSweeny’s clients.  

The matter was adjourned for further mention on 12 March 2019 at the Downing Centre Local Court.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Background

The alleged misconduct occurred while either Mr McSweeny or his company, FF & I Holdings (in liquidation), were authorised representatives of AFS Group (AFSL No 259586).

Editor's note 1:

The matter has been adjourned to 23 April 2019.

Editor's note 2:

The matter was mentioned on 23 April 2019 and has been relisted for further mention on 3 May 2019 in the District Court.

Editor's note 3:

On 3 May 2019, the matter was relisted for further mention on 5 July 2019 in the District Court.

Editor's note 4:

The matter has been set down for a three-day hearing on 10 February 2020 in the Sydney Downing Centre District Court.

Last updated: 09/07/2019 08:17