AAT affirms financial services banning of former non-executive director of Provident Capital Limited


ASIC bans

The Administrative Appeal Tribunal (AAT) has affirmed ASIC’s decision of 17 July 2015 to ban Mr Trevor John Seymour from providing financial services for three years but set aside ASIC’s decision to disqualify Mr Seymour from managing corporations for three years.

The parties have 28 days to appeal this decision to the Federal Court of Australia.

ASIC action against other Provident directors

Michael Roger O’Sullivan 

On 2 May 2017, the AAT upheld ASIC’s decision to disqualify Mr Michael Roger O’Sullivan from managing corporations for five years and from providing financial services for seven years.

The AAT qualified the five-year disqualification decision by permitting Mr O’Sullivan to remain as a director of three private companies, provided that those companies only involve activities relating to Mr O’Sullivan’s immediate family. On 30 May 2017, Mr O’Sullivan lodged an appeal against the AAT’s decision in the Federal Court. The hearing has been set down for 7-8 February 2018.

Malcolm Philip Bersten 

On 19 April 2016, ASIC banned former executive director and in-house legal counsel of Provident Capital, Mr Malcolm Philip Bersten of Turramurra NSW, from managing corporations and providing financial services for five years.

On 25 May 2016, Mr Bersten was granted permission to manage the trustee of his family trust and self managed superannuation fund (Caldabra Investments Pty Ltd ACN 003 958 423), as well as his incorporated legal practice (Bersten Legal Pty Ltd ACN 098 743 483).

On 17 June 2016, Mr Bersten sought a review of ASIC’s decision in the AAT. ASIC has settled the proceedings brought by Mr Bersten in the AAT for a review of ASIC’s decision dated 19 April 2016. Subsequently, the AAT has amended ASIC’s decision by varying Mr Bersten’s period of disqualification from managing corporations from five years to four years (to expire on 31 May 2020) and varying the period of Mr Bersten’s banning from providing financial services from five years to three years and nine months (to expire on 29 February 2020).

John Patrick Sweeney 

On 1 July 2015, ASIC banned former non-executive director of Provident Capital, Mr John Patrick Sweeney of Sydney, from providing financial services for two years.

ASIC found that Mr Sweeney failed to comply with financial services laws. Mr Sweeney also sought a review of ASIC’s decision in the AAT. The hearing concluded on 14 February 2017. On 8 November 2017, the AAT affirmed ASIC’s decision of 29 June 2015 to ban Mr Sweeney from providing financial services for two years.

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AAT affirms financial services banning of former non-executive director of Provident Capital Limited

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