Banned insurance broker in court

by Rebecca Pike03 Jul 2018

A former insurance broker has appeared before magistrates charged with seven counts of dishonest conduct.

Sergio Amaranti was employed as a director of Phoenix Insurance Brokers Pty Ltd (Phoenix) in Perth from 25 January 2002 to 25 February 2016 and was a senior insurance broker with Phoenix from 2000 to November 2015.

The Australian Securities and Investments Commission (ASIC) alleges that, between 6 January 2009 to 14 October 2015, Amaranti engaged in dishonest conduct by directing 51 refunds to personal accounts held in Amaranti's name, totalling $199,391.32.

These 51 refunds were owed to 35 clients from Phoenix for cancellations and adjustments of their insurance policies.

Amaranti entered a plea of guilty at Perth Magistrates’ Court and has been committed to the District Court for sentence mention on 24 August 2018. The Commonwealth Director of Public Prosecutions is prosecuting the matter.

The alleged misconduct was reported to ASIC by Phoenix, which has subsequently remediated the affected clients for any losses incurred.

In November 2016, ASIC permanently banned Amaranti from the financial services industry.

 

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