ASIC has disqualified Daniel McSweeny of Zetland, NSW from managing companies for the maximum period of five years following his involvement in 14 failed companies.
Mr McSweeny was a former director of The Village Accountant Australia Pty Ltd in Mosman.
He was also 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;
- Wealth Achievers Services Pty Ltd A.C.N. 127 843 056; and
- Logiplan Financial Services Pty Ltd A.C.N 002 663 210;
Mr McSweeney used the companies to operate a financial services business. 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.
Among its findings, ASIC said Mr McSweeney 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 ATO; failed to ensure the companies complied with their obligation to keep written financial records; and failed to prevent the companies from trading while possibly insolvent.
Mr McSweeny’s disqualification took effect from 2 May 2019 and extends to 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, with the matter scheduled for mention on 5 July and is being prosecuted by the Commonwealth Director of Public Prosecutions.
Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.