Insurance broker pleads guilty to theft
Former Armidale-based insurance broker, John Murray Murnane has pleaded guilty to charges of theft, being an unregistered insurance broker and operating a business while bankrupt.
The charges follow an investigation by the Australian Securities and Investments Commission (ASIC).
The Melbourne Magistrates' Court heard that in October 1998, Murnane was asked to arrange insurance on a client's behalf, and was paid a premium to place the cover. The Court was told that the insurance was never paid, and that Murnane failed to return the client's money despite many requests.
The Court also heard that Murnane had been operating as an insurance broker despite not being registered by ASIC since 1996, and that he has been bankrupt since April 1998.
John Murray Murnane also pleaded guilty to breaching the conditions of a two month suspended sentence he received in 1998 as a result of charges put in place by the Victorian Police over a similar incident.
The matter has been adjourned, pending sentence.
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