Former Orix chief banned from financial services 06 July 2015 3:56PM Ian Rogers ASIC slapped a banning order on a second director of failed debenture issuer Provident Capital on Friday. ASIC said it banned John Sweeney from providing financial services for two years. ASIC found Sweeney failed to comply with financial services laws. Sweeney was a non-executive director of Provident.Provident Capital went into receivership in July 2012 and into liquidation in October 2012.ASIC said its investigation "found Mr Sweeney engaged in misleading or deceptive conduct in relation to a financial product. This specifically related to his conduct from September 2010 to March 2012 when he approved Provident Capital's Quarterly Reports and Benchmark Reports issued to ASIC and Australian Executor Trustees Limited."Sweeney headed the Australian arm of Japan's Orix finance giant in the 1990s.So far only one other of Provident's five directors has been sanctioned. In February, ASIC banned former managing director of Provident, Michael Roger O'Sullivan, from managing corporations for five years and from providing financial services for seven years.