ASIC has made two orders permanently banning Yanchep-based financial adviser Mark Raymond Sebo following his convictions of fraud.
The convictions related to Mr Sebo stealing funds from his client's superannuation funds. Under the Corporations Act and National Consumer Credit Protection Act, ASIC may permanently ban a person from the financial services and credit industries if they are convicted of fraud. Consequently, on the basis of these convictions, Mr Sebo has been banned permanently from:
- providing any financial services;
- performing any function involved in the carrying on of a financial services business;
- controlling an 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.
The banning took effect from 5 February 2024.
Background
Mr Sebo is a financial adviser, he was the director of Platinum Perpetual Global Private Wealth Pty Ltd (now deregistered), which was the holder of AFS licence 508415 from 31 August 2018 until 30 August 2019, when it was cancelled at the request of the company following action brought by Western Australian Police Force.
In September 2023 Mr Sebo was convicted on 36 counts of stealing under s378 of the Criminal Code WA. He was sentenced to a total of five years imprisonment, and is eligible for release on parole after serving three years.
Mr Sebo's banning has been recorded on ASIC's banned and disqualified register.
Mr Sebo has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
