Former insurance brokerage director charged

Allegedly misused $35 million

Former insurance brokerage director charged

Insurance News

By Daniel Wood

A former insurance brokerage director has appeared in court charged with dishonest conduct. Renato De Maria, director of Alliance Management Group, formerly Alliance Insurance Broking Services (AIBS) is charged with the misuse of about $35 million of client money held in trust accounts.

According to a media release from the Australian Securities and Investments Commission (ASIC) De Maria authorised three withdrawals of nearly $8 million and a further transfer of $24 million.

The ASIC release said he also issued “inflated insurance invoices totalling over $4 million to four separate clients and thereby contravening ss1041G of the Act.”

The offenses allegedly occurred between July 2016 and April 2021 when De Maria was director of AIBS. At least one of the alleged offenses carries a maximum prison term of up to 15 years. Another offense carries a 10 year maximum prison term and a fine of almost $1 million.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following an ASIC investigation.

The former director’s next court appearance is scheduled for the end of June at the

Melbourne Magistrates’ Court.

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