Bad Broker behind bars
The Australian Investment and Securities Commission (ASIC) has secured its first gaol sentence under the Insurance (Agents and Brokers) Act with the sentencing of Royce Charlett from Ferntree Gully in Melbourne.
Charlett received a three month sentence for making false claims and for being unregistered by the ASIC. He was also sentenced to a further nine months gaol suspended for two years on 27 charges of theft and two charges of using a false document. In addition, Charlett was ordered to pay reparation of $52,000 to nine clients.
The Melbourne Magistrates Court was told Charlett had received money from clients for general insurance and superannuation products, but he had not passed the money on to the insurance companies.
ASIC Victorian enforcement director Jamie Orchard says the case highlights the need for insurance brokers to be registered with ASIC.
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