Former director faces 88 dishonesty charges
A former director of a South Australian insurance broker has appeared in the Adelaide Magistrates Court on 88 charges of dishonesty following an investigation by the Australian Securities and Investments Commission (ASIC).
The charges relate to the conduct of Craig John Horsell during his time as an employee and director of Horsell International and PSC Horsell Insurance Brokers between 22 January 2007 and 23 July 2010.
It is alleged that between 7 September 2007 and 2 May 2010, he authorised the transfers of 88 insurance premium payments from clients totalling $414,299.87 into his bank account but did not purchase the insurance products as requested by the clients, the regulator stated.
If he is convicted, each offence carries a maximum penalty of five years in prison.
The Commonwealth Director of Public Prosecutions is prosecuting the matter, which returns to the Adelaide Magistrates Court on 11 September 2012.
Horsell was permanently banned from providing financial services on 9 January 2012.
Both Horsell International and PSC have recovered all outstanding funds from Horsell, and all insurance covers that were suspected of either being fabricated or compromised by Horsell's actions have been placed or reinstated to clients.
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