ASIC has issued two permanent bans against Yanchep-based financial adviser Mark Raymond Sebo due to fraud convictions, specifically for stealing funds from his clients’ superannuation accounts.
In a media release ASIC said that, according to the Corporations Act and National Consumer Credit Protection Act, the corporate regulator has the authority to permanently ban individuals from the financial services and credit industries if they are convicted of fraud.
The permanent ASIC ban, effective from Feb. 5, prohibits Sebo from engaging in a wide range of activities within the financial and credit sectors, including providing financial services, participating in the operations of a financial services business, and engaging in any credit activities.
Sebo, formerly the director of Platinum Perpetual Global Private Wealth, which held AFS licence 508415 until its cancellation in August 2019, was found guilty in September on 36 counts of theft under the Criminal Code WA.
He was sentenced to five years in prison, with eligibility for parole after three years.
Sebo has the option to appeal ASIC's decision with the Administrative Appeals Tribunal.
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