Insurance broker charged with dishonest conduct and deception

An insurance broker has been charged with 11 counts of dishonest conduct following an investigation by the Australian Securities and Investments Commission (ASIC).

Scot Weston, appearing before the Wollongong Local Court, did not enter a plea to the charges of dishonest conduct and obtaining a benefit by deception.

The charges were laid following ASIC’s investigation into the activities of Interre Insurance Brokers Pty Ltd, Hirtes Insurance Brokers Pty Ltd and Weston’s conduct as an insurance broker.

ASIC alleged that between June 1 and August 27, 2002, Weston engaged in dishonest conduct in relation to a financial product when he forwarded documents to a number of insureds that claimed to set out details of an insurance policy underwritten by Lloyds of London when no such policy existed.

The corporate regulator also alleged that between June 6, 2002, and March 4, 2003, Weston forwarded documents to a number of insureds and the NSW Department of Tourism, Sport and Recreation, which claimed to set out details of insurance policies, leading to the payment of premiums and the issue of licences by the NSW Minister for Sport and Recreation.

Weston is to re-appear before Wollongong Local Court on September 14.

ASIC’s investigation is continuing.