Insurance claims manager permanently banned for fraud
The Australian Securities and Investments Commission (ASIC) has permanently banned Travers David Loy from providing financial services after investigation found that he had pocketed more than $1 million in fraudulent insurance claims.
At the time, Loy was the national claims manager of Melbourne-based insurance agent ATC Insurance Solutions.
The regulator's investigation found that Loy fabricated and submitted 38 false claims for predominantly income protection claims.
According to ASIC, the fraudulent payments he received between 17 June 2010 and 22 May 2012 totalled more than $1.22 million.
The funds were sourced from trust accounts held by ATC on behalf of ATC's underwriters, with $967,221.74 directed to Loy's bank accounts, including his business Callejon Cafe in Collingwood, and to other people associated with him, ASIC stated.
In May 2012, ATC submitted a breach report to ASIC in relation to Loy's fraudulent activities, and Loy subsequently resigned from his position at the company in June 2012.
"This matter shows a blatant disregard to the basic principles associated with being a trusted financial services provider," ASIC Deputy Chairman Peter Kell said.
"ASIC will remove individuals from the industry if they fail to comply with financial services law and breach their employer's trust."
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