“Fraud was blatant,” says Tribunal and confirms ban on insurance director

Following a review, the Administrative Appeals Tribunal (AAT) has upheld an earlier decision to permanently ban Sean John Sweeney from providing any financial services. Sweeney is former director of both Sweeney Insurance Services and Swinsure and was convicted of fraud offences.

According to an Australian Securities & Investments Commission (ASIC) media release, in December 2022, Sweeney filed an ATT application seeking a review of ASIC’s ban. The ATT announced its decision on April 26.

The Tribunal found, said the release, “that a permanent ban was appropriate as the fraud was blatant and relatively serious and occurred in the course of Mr Sweeney’s work in the financial services industry.”

$400,000 dollars lost

Sweeney was originally convicted in November 2022 in the Local Court of NSW in Hornsby.

“Mr Sweeney is banned from providing any financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business,” said an ASIC release.

“The charges preferred against Mr Sweeney,” said the ATT’s decision, “Arose out of his dealings with the premium funder.”

Eight separate client accounts were involved, said the ATT, with a total loss to the premium funder of more than $400,000.

“Severe Gambling Disorder”

The original sentencing assessment report said Sweeney “has a long-term history of drug and alcohol use”. A psychologist cited in the report said Sweeney “suffered from a severe [underlined in decision document] Gambling Disorder that required treatment.” 

The former Swinsure director is from Lindfield, NSW. The ATT’s full decision can be read here.