Asic bans Perth insurance broker

The Australian Securities and Investments Commission has permanently banned a Perth man from providing financial services after finding he had redirected $254,000 worth of clients’ funds into his own accounts.

Asic said Sergio Amaranti, a former senior insurance broker and director of Phoenix Insurance Brokers, engaged in misleading and deceptive conduct and dishonest conduct in relation to client funds.

The watchdog found that, between 2009 and 2015, Mr Amaranti directed refunds owed by Phoenix to clients to various personal accounts held in his name.

The funds were owed to clients as a result of refunds of insurance premiums from cancellations, adjustments or negotiated discounts by Mr Amaranti.

“As a director of Phoenix, Mr Amaranti was a signatory of the trust account held by Phoenix and held an individual code and password to finalise transactions, including refunds to clients,” Asic said.

Mr Amaranti was employed as a director of Phoenix from 2002 to February this year.