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.
AUTHOR
Andrew Tsanadis
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