ASIC permanently bans former insurance company director

ASIC finance financial advice broking insurance

15 August 2016
| By Oksana Patron |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has permanently banned a former NSW director of an insurance broking company, Timothy Charles Pratten, from providing financial services and from engaging in credit activities for "dishonestly obtaining a financial advantage from the Commonwealth by deception".

According to ASIC, he was convicted on seven counts following the investigation conducted by the Australian Tax Office (ATO) which found he had failed to declare approximately $5 million of income derived by him during financial years ending 2003 to 2009.

As a result, he was also removed as a company office-holder of Practical Insurance Claims Administration Pty Limited, and Australian financial services licensee, Rural and General Insurance Broking Pty Limited.

On top of this, he was disqualified from managing corporations.

Pratten, who was sentenced to five years' jail with a two-year non-parole period in April, has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decisions.

Under the Corporations Act and National Credit Act, ASIC may ban anyone who is convicted of a fraud offence.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 4 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

5 days 16 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

4 days 20 hours ago