Sentencing for Perth broker who took client cash
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A former insurance broker who admitted funnelling almost $200,000 owed to clients into his own bank accounts has been sentenced to two years and nine months imprisonment.
When Sergio Amaranti was working for Phoenix Insurance Brokers between 2009 and 2015, he directed 51 refunds for policy cancellations and adjustments that should have been paid to 35 clients to his personal accounts.
Amaranti was permanently banned from the financial services industry in 2016 and last year pleaded guilty in Perth Magistrates Court to seven counts of dishonest conduct.
He faced the District Court of WA for sentencing today.
Pheonix has paid back the 35 clients.
In 2016, the Australian Securities and Investments Commission permanently banned Mr Amaranti from providing financial services.
Mr Amaranti was employed as a director of Phoenix from 2002 to February 2016.
His sentence has a non-parole period of 18-months.