ASIC permanently bans former insurance company director
The Australian Securities and Investments Commission (ASIC) has permanently banned a former NSW director of an insurance broking company, Timothy Charles Pratten, from providing financial services and from engaging in credit activities for "dishonestly obtaining a financial advantage from the Commonwealth by deception".
According to ASIC, he was convicted on seven counts following the investigation conducted by the Australian Tax Office (ATO) which found he had failed to declare approximately $5 million of income derived by him during financial years ending 2003 to 2009.
As a result, he was also removed as a company office-holder of Practical Insurance Claims Administration Pty Limited, and Australian financial services licensee, Rural and General Insurance Broking Pty Limited.
On top of this, he was disqualified from managing corporations.
Pratten, who was sentenced to five years' jail with a two-year non-parole period in April, has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decisions.
Under the Corporations Act and National Credit Act, ASIC may ban anyone who is convicted of a fraud offence.
AUTHOR
Oksana Patron
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
