ASIC disqualifies ex-financial adviser following his involvement in 14 failed companies

Maria Nikolova

ASIC has concluded that Daniel McSweeny fraudulently misappropriated company money, and showed a complete disregard of his director duties.

The Australian Securities and Investments Commission (ASIC) today announces that it has disqualified Daniel McSweeny from managing companies for the maximum period of five years following his involvement in 14 failed companies.

Mr McSweeny is a former director of:

  • Taavla Capital Pty Limited A.C.N. 139 644 429;
  • Prettoria Capital Pty Limited A.C.N. 143 300 609;
  • Iugis Capital Pty Limited A.C.N. 136 702 639;
  • Wealth Achievers Services Australia A.C.N. 130 189 909;
  • Constantia Capital Pty Limited A.C.N. 143 526 434;
  • FF&I Holdings Pty Limited A.C.N. 124 345 348;
  • Security Chips Pty Ltd A.C.N. 600 199 255;
  • Kimbriki Capital Pty Ltd A.C.N. 133 864 883;
  • Kimbriki Capital Trading Pty Ltd A.C.N. 133 864 892;
  • Wealth Achievers Services Group Pty Ltd A.C.N. 162 529 375;
  • Mondo Oro Pty Ltd A.C.N. 120 262 348;
  • The Village Accountant Australia Pty Ltd A.C.N. 143 264 699;
  • Wealth Achievers Services Pty Ltd A.C.N. 127 843 056; and
  • Logiplan Financial Services Pty Ltd A.C.N 002 663 210;

The companies were placed into liquidation between 21 August 2014 and 8 September 2015. The total amount of debts owed by the 14 companies to creditors amounted to approximately $9.8 million.

ASIC found that Mr McSweeny had fraudulently misappropriated company money, and had used the company structure for his own dishonest means. Further, according to the regulator, Mr McSweeny showed a complete disregard of his director duties. Finally, he had failed to prevent the companies from trading while possibly insolvent.

In reaching its decision, ASIC relied on reports that were lodged by the liquidators of the failed companies. ASIC also provided liquidators of Taavla Capital Pty Limited, Prettoria Capital Pty Limited, Iugis Capital Pty Limited and Wealth Achievers Services Australian Pty Ltd with funding from the Assetless Administration Fund (AAF) to prepare supplementary reports that were used to disqualify Mr McSweeny.

Mr McSweeny’s disqualification extends to May 1, 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 due for mention on July 5, 2019 and is being prosecuted by the Commonwealth Director of Public Prosecutions.

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