Insurance broker tripped up
Dishonesty charges have been laid against an insurance broker in the Melbourne Magistrates Court following an investigation by the corporate regulator.
The Australian Securities and Investments Commission’s (ASIC) examination into the activities of Duncan Howarth revealed anomalies in his conduct as an insurance broker representing his company, Presidential Financial Services (PFS).
The corporate watchdog alleged that Howarth raised insurance premium loans from premium funding companies for JJG Investments, his own family company, and seven other PFS clients, when none of the parties had actually taken out relevant insurance contracts with insurers.
ASIC alleges Howarth’s dishonest and deceptive conduct occurred between May 2004 and June 2005.
As a result of his actions, just over $97,000 in revenue was received by PFS for its role in facilitating the premium funding loans.
Howarth’s next appearance in the Melbourne Magistrates Court is scheduled for October 10.
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