ASIC has announced that a former insurance broker has been permanently banned from the financial services industry.
Sergio Amaranti, formerly of Phoenix Insurance Brokers, has been banned following an ASIC investigation which found he had directed more than $250,000 worth of client refunds to accounts held in his name.
Perth-based Amaranti was employed as a director of Phoenix Insurance Brokers from January 2002 to February 2005, having worked as a senior insurance broker with the firm from 2000 to November 2015.
The investigation found that Amaranti had engaged in “misleading and deceptive conduct and dishonest conduct in relation to client funds” as he was the signatory of the trust account held by Phoenix and held an individual code and password to finalise transactions including client refunds.
Amaranti spread funds owed to clients as a result of refunds from policy cancellations, adjustments or negotiated discounts totalling approximately $254,000 between various personal accounts held in his name.
Amaranti has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
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