Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Messy case involving millions a caution to investors


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.

Messy case involving millions a caution to investors
nestegg logo

Cameron Micallef

Cameron Micallef is a journalist at Nest Egg, writing primarily about personal wealth and economic markets. 

Prior to this, Cameron worked for Australian Associated Press. He graduated from the University of Wollongong with a double degree in communications and commerce.

You can contact him on: This email address is being protected from spambots. You need JavaScript enabled to view it.

subscribe to our newsletter sign up
Recommended by Spike Native Network
Anonymous - This is silly. Most countries would think 3 per cent was fantastically low. Further, who measures how much economic activity is being destroyed by.......
Anonymous - What a load of rot! What is he comparing the detriment to, and how much does the GFC effects factor into his farcical calculations? ....
Anonymous - In other words, sack advisers and cut costs. It's the financial version of #me too movement.....
Anonymous - If that's after tax pay then I'm screwed.....