ASIC charges former financial adviser with dishonesty

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ASIC charges former financial adviser with dishonesty

A former Sydney-based financial adviser has been charged with 20 dishonesty offences alleged to have been committed when he was a company director.

According to the Australian regulator the Australian Securities and Investment Commission (ASIC), former adviser Daniel McSweeny ran financial services business, Wealth Achievers, with offices in Parramatta and Mosman. 

McSweeny appeared in the Downing Centre Local Court in Sydney earlier this week to face the charges.

In a statement ASIC said that 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.

Allegations

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.

 

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Gary Robinson

Gary has thirty years experience in financial services, originally as a financial adviser, then financial journalist and videographer