ASIC has permanently banned Sean Colville Niven, of Perth, Western Australia, from providing financial services and engaging in credit activities.
On 6 April 2020, Mr Niven was convicted in the Perth Magistrates Court for two offences contrary to the Bankruptcy Act. Namely, making a declaration that he knew to be false, and for disposing of property intending to defraud creditors.
Mr Niven had become known to ASIC due to his involvement in fundraising from the general public for property developments on behalf of Skyline Apartments Melbourne Pty Ltd and Seed Equity Group Pty Ltd.
Under the Corporations Act and National Consumer Credit Protection Act, ASIC may permanently ban a person from the financial services and credit industries where they are convicted of serious fraud. Consequently, on the basis of these convictions, Mr Niven has been banned permanently.
The ban prevents Mr Niven 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; and
- controlling an entity that carries on a financial services business or another person who engages in credit activities.
Mr Niven's banning will be recorded on ASIC's Banned and Disqualified Register.
Mr Niven has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
