ASIC permanently bans former insurance company director
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.
AUTHOR
Oksana Patron
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
