ASIC bans convicted WA financial adviser

The Australian Securities and Investments Commission (ASIC) has enacted two orders to permanently ban a Western Australia-based financial adviser after he was convicted of stealing in 2023.

Mark Raymond Sebo was also the director of Australian financial services license (AFSL) holder, Platinum Perpetual Global Private Wealth Pty Ltd, before the license was cancelled in August 2019 after the Western Australian Police Force brought action against the company for stealing from clients’ superannuation funds

Sebo was convicted of 36 counts of stealing and was sentenced to five years imprisonment. ASIC said under the Corporations Act and National Consumer Credit Protection Act, the corporate regulator is able to permanently ban an individual from practicing any further financial duties if they are convicted of fraud.

As of 5 February, ASIC has banned the adviser from:

• providing any financial services;
• performing any function involved in the carrying on of a financial services business;
• controlling any entity that carries on a financial services business;
• engaging in any credit activities;
• performing any function involved in the engaging in of credit activities; and
• controlling, whether alone or in concert with one or more other entities, another person who engages in credit activities.