ASIC has issued two permanent bans against WA financial adviser Mark Raymond Sebo following his convictions for fraud. These convictions are related to Sebo's misappropriation of funds from his clients' superannuation accounts.

Under the Corporations Act and National Consumer Credit Protection Act, ASIC has the authority to permanently ban individuals from the financial services and credit industries upon conviction of fraud.

Consequently, Sebo has been permanently banned from:

• Providing any financial services.

• Performing any function involved in the operation of a financial services business.

• Controlling an entity engaged in a financial services business.

• Engaging in any credit activities.

• Performing any function related to engaging in credit activities.

• Controlling, either individually or in collaboration with others, another person engaged in credit activities.

This ban came into effect on February 5, 2024.

Sebo, a financial adviser, was the director of Platinum Perpetual Global Private Wealth Pty Ltd (now deregistered), which held AFS license 508415 from August 31, 2018, to August 30, 2019. The license was canceled at the company's request following action taken by the Western Australian Police Force.

In September 2023, Sebo was convicted on 36 counts of stealing. He was sentenced to a total of five years in prison, with eligibility for parole after three years.

Sebo's banning has been documented on ASIC's banned and disqualified register.

Mr. Sebo retains the right to appeal ASIC's decision to the Administrative Appeals Tribunal.

This information comes from the official ASIC media release on the 13th of February 2024 and is true at the time of publishing. To read ASICs media release click here.

Update - On February 11, 2024, Mr. Sebo applied to the Administrative Appeals Tribunal for a review of ASIC's decision.