ASIC bans Perth property fundraiser

The Australian Securities and Investments Commission has permanently banned Perth property fundraiser Sean Niven from providing financial services, almost three years after he was convicted for fraud.

Mr Niven was convicted for two offences breaching the Bankruptcy Act in the Perth Magistrates Court in April 2020.

ASIC claimed Mr Niven made a declaration he knew to be false and disposed property with the aim to defraud creditors.

The commission today announced Mr Niven had been permanently banned from providing any financial services or engaging in any credit activities, or performing any related functions.

"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," the announcement said.

"Consequently, on the basis of these convictions, Mr Niven has been banned permanently."

According to ASIC, Mr Niven became known because of his fundraising efforts for property developments on behalf of Skyline Apartments Melbourne and Seed Equity Group.

Mr Niven is also banned from controlling any entity that carries on a financial services business or another person who engages in credit activities.

ASIC said Mr Niven’s ban would be recorded in its register but he had a right to appeal to the Administrative Appeals Tribunal for a review of the decision.