The financial services regulator has permanently banned a former insurance broker. In a media release, the Australian Securities and Investments Commission (ASIC) announced the ban on Melbourne based Renato De Maria “from providing any financial service.”
De Maria, said the release, “is also permanently banned from controlling an entity that carries a financial services business and performing any function involved in the carrying on of a financial services business.”
The former broker was a manager and sole director of Melbourne-based Alliance Management Group, formerly known as Alliance Insurance Broking Services (AIBS).
The ASIC release said the Australian Financial Services Licence (AFSL) held by Alliance Management Group is cancelled.
De Maria has the right to appeal to the Administrative Appeals Tribunal for a review of the decision.
In March, the former broker appeared in court. He was charged with criminal offences relating to the misuse of appriximately $35 million of client monies.
ASIC alleged that De Maria used his position as director of AIBS dishonestly by misusing monies held in trust accounts on behalf of AIBS clients.
According to a report in The Age newspaper, after founding AIBS, De Maria, “became accustomed to private jets and racing his high-performance Porsch.”
The same report referred to the former broker’s lawyer, Tony Hargreaves, who said ASIC had not suggested any of the allegedly misused funds were permanently retained by De Maria.
