Dodgy insurance manager banned
A former manager at the Heath Lambert Group (HLG) has been banned from providing financial services for the next two years for dealing dishonestly with the Sydney Water Corporation.
The Australian Securities and Investments Commission (ASIC) found Martin Colebrook, who managed HLG’s government and infrastructure division between 2001 and 2004, organised and authorised invoices to Sydney Water’s Australian and London offices that he knew were deceptive.
Although the contract between HLG and Sydney Water specifically disallowed brokerage fees, Colebrook attempted to conceal these in the latter’s insurance premiums.
ASIC concluded that Colebrook, who is based in Sydney’s south-west, had contravened financial services law by making misleading, false or deceptive statements to induce Sydney Water to deal in financial services and there was reason to believe he may act illegally in the future.
Colebrook has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s banning order.
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