ASIC permanently bans former insurance company director
The Australian Securities and Investments Commission has permanently banned a former South Australian insurance company director from providing financial services after he fraudulently obtained more than $400,000 from clients over a two-year period.
Between 22 January 2007 and 23 July 2010, Craig John Horsell had been an employee and a director of insurance businesses Horsell International Pty Ltd and PSC Horsell Insurance Brokers Pty Ltd.
Following an investigation, ASIC found that between 7 September 2007 and 4 May 2010, Horsell acted dishonestly and in breach of financial services laws.
During that time, Horsell authorised the transfers of 72 insurance premium payments from clients totalling $409,635.24 into his personal bank account after failing to purchase the insurance products requested by clients.
Commenting on the permanent ban, the regulatory body stated that action was taken against Horsell to protect the public, deter similar conduct, and maintain consumer confidence in the financial service sector.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
