An investigation by the regulator has led to an insurance provider being convicted by the Magistrates Court for providing false insurance certificates to Victorian builders.
Dennis Gentry was sentenced to an 18-month community based order after being convicted on four charges of providing false building certificates while operating as an insurance broker.
This is not the first time Gentry has come under scrutiny by the Australian Securities and Investments Commission (ASIC), in 2006 the regulator banned him from providing financial services for five years for engaging in dishonest conduct in relation to a financial product/service.
Gentry pleaded guilty to two charges of issuing Builders Warranty Insurance certificates to Como Constructions in April 2004 without the authorisation of an eligible insurance provider. He also pleaded guilty to two charges of dishonesty for providing Tenth Zital and Emval with unauthorised insurance certificates and charging fees totalling $17,100.
To obtain a building permit in Victoria, the building commission requires that all registered builders of domestic buildings obtain Builders Warranty Insurance from an authorised insurer, which must assess the financial and historical information provided by the builder.
