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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including the much-talked-about use of macro-prudential measures to cool the rapidly expanding market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring ETFs, what they are and why young investors, in particular, are jumping onboard their latest surge. Dr Zhong also takes a closer look at BNPL platforms.

And lastly, tax and super guru Timothy Munro gives his thoughts on Prime Minister Scott Morrison’s choice to backtrack on any further SG changes and looks at the impending end of the low and middle income tax offset.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Messy case involving millions a caution to investors

By Cameron Micallef

May 23 2019
Share

Invest

Messy case involving millions a caution to investors

By Cameron Micallef
May 23 2019

A recent disqualification of a former Sydney-based financial adviser acts as a caution to investors to keep a careful eye on the behaviour and track record of their trusted professionals.

Messy case involving millions a caution to investors

By Cameron Micallef

May 23 2019
Share

A recent disqualification of a former Sydney-based financial adviser acts as a caution to investors to keep a careful eye on the behaviour and track record of their trusted professionals.

ASIC has disqualified businessman Daniel McSweeny from managing companies for a maximum of five years following his involvement in 14 failed companies, including Wealth Achievers Services and The Village Accountant Australia.

Mr McSweeny used the companies to operate a financial services business that were placed in liquidation between August 2014 and September 2015.

The total amount of debt owed by the 14 companies to its creditors was just shy of $10 million.

ASIC found that Mr McSweeny had fraudulently misappropriated money, used the company structure for dishonest means and showed a complete disregard of his director duties.

Mr McSweeny’s disqualification began 2 May 2019 and extends through till 1 May 2024.

Following a separate ASIC investigation, Mr McSweeny has been charged with 20 dishonesty offences and one offence of falsifying books while a company director. The matter is scheduled for mention on 5 July 2019 and is being prosecuted by the Commonwealth Director of Public Prosecutions.

In total, ASIC found that Mr McSweeny:

had fraudulently misappropriated company money
used the company structure for his own dishonest means
showed a complete disregard of his director duties
failed to observe requirements to lodge documents with the Australian Taxation Office
failed to ensure the companies complied with their obligation to keep written financial records
failed to prevent the companies from trading while possibly insolvent

How can I protect myself?

Investors can keep an eye on ASIC’s list of banned and disqualified persons, which you can access here.

This email address is being protected from spambots. You need JavaScript enabled to view it.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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