04-391 Bogus insurance broker jailed following ASIC investigation
Wednesday 1 December 2004
Mr Marcus Anthony, formerly of Abbottsford New South Wales, was jailed today after pleading guilty to fraud and operating as an unlicensed insurance broker after the Australian Securities and Investments Commission (ASIC) commenced proceedings in the NSW Central Local Court.
Mr Anthony was sentenced to six months’ jail and fined $500 after ASIC investigated the activities of Marantmar Finance and Insurance (Marantmar), also based in Abbotsford, and Mr Anthony’s conduct in purporting to be a licensed insurance broker.
Mr Anthony is alleged to have acted as a general insurance broker and agent without a licence, misappropriated client funds and engaged in misleading and deceptive conduct.
The prosecution alleged that, in August 2002, Mr Anthony told a client that he had an affiliation with the insurance industry that he did not have. The prosecution also alleged that, between 6 August 2002 and 31 January 2003, Mr Anthony falsely informed a client that he could and would obtain motor vehicle insurance through a major Australian insurer, with the intention of obtaining nearly $2,000.
ASIC’s Deputy Executive Director of Enforcement, Mr Allen Turton, said the jailing of Mr Anthony indicated that the courts nor ASIC would tolerate people who brought the financial services industry into disrepute, and put the financial welfare of innocent consumers at risk.
‘ASIC requires all insurance brokers to hold a financial services licence, and people should remember to always check if their brokers have a licence’, Mr Turton said.
Mr Anthony is currently serving a sentence for offences whilst being an undischarged bankrupt. The sentence handed down today is to commence on 2 May 2005.
The Commonwealth Director of Public Prosecutions prosecuted the matter. This action concludes ASIC’s investigation.
ASIC Website: Printed 01/06/2009
