A former South Australian insurance broker has been found guilty of dishonesty.
Craig John Horsell was fined $75,000 and sentenced to three years in jail to be released immediately upon entering into a three year good behaviour bond.
Horsell, sentenced in Adelaide District Court, pleaded guilty on 16 November 2012 to three charges of dishonestly using his position to authorise payments totalling $414,299.87 into his personal bank account.
The charges arose from ASIC’s investigation of his conduct as an employee and/or director of Horsell International and PSC Horsell Insurance Brokers Pty between 22 January 2007 and 23 July 2010.
ASIC’s investigation found that between 7 September 2007 and 4 May 2010, Horsell acted dishonestly when he authorised the transfers of 89 insurance premium payments from clients into his personal bank account but did not purchase the insurance products requested by the clients.
Deputy Chairman Peter Kell said participants in the financial services industry must act honestly and in the best interests of their clients.
‘The sentencing of Horsell, and his previous banning from providing financial services, should serve as a deterrent to any financial adviser tempted to deceive their clients or otherwise act dishonestly’, Kell said.
Horsell was permanently banned from providing financial services in January 2012.
Timeline of Horsell’s legal proceedings:
Jan 2012 – Banned by ASIC
June 2012 – First court appearance
September 2012 – Matter heard and adjourned for Horsell to answer the charges
October 2012 - Matter heard and adjourned for Horsell to answer the charges
October 2012 – Matter heard and adjourned
November 2012 – Horsell pleads guilty to three charges of dishonestly using his position to authorise payments totalling $414,299.87 into his personal bank account. Horsell is remanded to appear in the District Court on 17 December 2012 for sentence.
December 2012 – Horsell is remanded to reappear in the Adelaide District Court on 11 February 2013 for sentence.
February 2013 – the matter was adjourned until 21 March 2013 for further submissions on sentence.
April 2013- Sentencing delayed
May 2013- Horsell sentenced to three years in jail