ASIC completely bans Yanchep adviser for fraud

ASIC has issued two everlasting bans in opposition to Yanchep-based monetary adviser Mark Raymond Sebo as a result of fraud convictions, particularly for stealing funds from his purchasers’ superannuation accounts.

In a media launch ASIC mentioned that, in keeping with the Companies Act and Nationwide Client Credit score Safety Act, the company regulator has the authority to completely ban people from the monetary providers and credit score industries if they’re convicted of fraud.

The everlasting ASIC ban, efficient from Feb. 5, prohibits Sebo from participating in a variety of actions inside the monetary and credit score sectors, together with offering monetary providers, collaborating within the operations of a monetary providers enterprise, and interesting in any credit score actions.

Sebo, previously the director of Platinum Perpetual World Personal Wealth, which held AFS licence 508415 till its cancellation in August 2019, was discovered responsible in September on 36 counts of theft below the Legal Code WA.

He was sentenced to 5 years in jail, with eligibility for parole after three years.

Sebo has the choice to attraction ASIC’s determination with the Administrative Appeals Tribunal.

For different latest ASIC information, click on right here and right here.

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