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Messy case involving millions a caution to investors

ASIC

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.

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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.

Messy case involving millions a caution to investors
ASIC
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