Wednesday 7 March 2001

The Melbourne County Court has upheld John Murray Murnane's sentence of three months imprisonment.

Mr Murnane, a former insurance broker from Armadale, had appealed his sentence after pleading guilty to theft, being an unregistered insurance broker, operating a business while bankrupt, and breaching a condition of a suspended sentence.

The Australian Securities and Investments Commission (ASIC) had conducted the investigation into Mr Murnane's conduct. The Commonwealth Director of Public Prosecutions prosecuted Mr Murnane.

Mr Murnane was convicted in late December 2000 of the theft of money paid to him by one of his clients for the premium of an insurance policy. He failed to arrange the insurance policy and failed to refund the money to the client despite numerous requests.

Mr Murnane was also convicted of operating as an insurance broker, even though he had not been registered to do so since 1996, and of operating a business while bankrupt. He is an undischarged bankrupt.

In addition, Mr Murnane was found to have breached a condition of a 1998 suspended prison sentence, which followed his conviction on theft charges brought by the Victoria Police.

For further information contact:
Sean Hughes Director DISC Victoria Telephone: 03 9280 3646 Mobile: 0411 549 026	Kate Harvey ASIC Media Manager Telephone: 03 9280 3553 Mobile: 0401 985 966

End of release