ASIC rubs out insurance executive
The Australian Securities and Investments Commission (ASIC) has permanently banned the former director of an insurance broking firm from providing financial services after she was convicted of misappropriating funds from the company.
Marion Woodhouse was a director of Lederman Insurance Brokers between January and August 2004, and a responsible officer of the organisation between June 2003 and May 2006.
A NSW Police investigation found Woodhouse misappropriated $186,655 during her employment term at Lederman Insurance.
In addition to the ASIC ban, she was sentenced in court to community service and ordered to pay compensation to her former employer.
ASIC executive director of compliance Jennifer O’Donnell said: “ASIC is determined to ensure industry participants maintain a high standard and that individuals who fail to practise with honesty and integrity are prevented from practising.”
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