The Administrative Appeals Tribunal (AAT) has upheld ASIC’s decision to permanently ban Sean John Sweeney 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.
ASIC permanently banned the former NSW based adviser after he was convicted of fraud offences in the Local Court of NSW at Hornsby on 4 November 2022.
Mr Sweeney was authorised 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 authorised from 1 July 2020 to 30 July 2020.
On 21 December 2022, Mr Sweeney filed an application at the AAT seeking a review of ASIC’s decision.
On 26 April 2024, the AAT found that a permanent ban was appropriate as the fraud was blatant and relatively serious and occurred in the course of Mr Sweeney’s work in the financial services industry.
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.