Property fundraiser cops ASIC ban following fraud convictions

A Perth-based property fundraiser has copped a permanent ban from ASIC following fraud convictions.

Sean Colville Niven has been permanently banned from providing financial services and engaging in credit activities, after he was convicted in the Perth Magistrates Court for two counts of offences contrary to the Bankruptcy Act. The court found Niven guilty of making a declaration that he knew was false, and for disposing of property intending to defraud creditors.

Niven, who had become known to ASIC due to his involvement in fundraising from the general public for property developments on behalf of Skyline Apartments Melbourne and Seed Equity Group, was permanently banned by the corporate regulator from:

• providing any financial services or engaging in any credit activities
• performing any function involved in the carrying on of a financial services business
• performing any function involved in the engaging in of credit activities
• controlling an entity that carries on a financial services business or another person who engages in credit activities

A person who is convicted of a serious fraud can be permanently banned by ASIC from the financial services and credit industries under the Corporations Act and National Consumer Credit Protection Act.

Niven’s banning will be recorded on ASIC’s Banned and Disqualified Register.

He has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.