Theft charges as ASIC targets insurance brokers

by Caroline Dann07 Oct 2012

An insurance broker appeared in court yesterday charged with stealing more than $675,000 of clients’ money over a seven-month period and could face a lengthy prison term if found guilty.

Bruce Wickett of Carnegie, Victoria, appeared in the Melbourne Magistrates Court charged with three counts of theft totalling $675,120.78 between August 2010 and March 2011.
The charges under Section 74 of the Victorian Crimes Act carry a maximum penalty of 10 years imprisonment for each offence.
It is alleged Wickett stole the money, which represented insurance premiums being held on behalf of 228 clients.
This money was to be forwarded to various insurance companies representing insurance premiums due to those insurers, for insurance cover they had provided to those clients of Wickett.
At the time of the offences Wickett was the sole director of Wickett Investments Pty Ltd and Wickett Insurance Broking Pty Ltd through which he operated his insurance broking business.
Wickett was not required to enter a plea and will appear again in the Melbourne Magistrates Court on 20 December 2012.