ASIC: Former insurance broker "permanently banned"

The Australian Securities and Investments Commission (ASIC) has “permanently banned” a former insurance broker. In a media release, the regulator said NSW based Cesar Cutro can no longer provide any financial services.

In the release, ASIC said Cutro – according to this document, formerly an authorised representative (AR) of Community Broker Network (CBN), part of the Steadfast Group – “ is not a fit and proper person to participate in the financial services industry because he lacks honesty, integrity, professionalism, and sound judgment, and is likely to contravene financial services law.”

Diverted client refunds into his own account

The regulator determined that between 2019 and 2022 Cutro misled clients about their true base premium and broker fee and falsely represented that two clients knew of higher administration fees.

ASIC said Cutro also “added his own personal bank account details into refund request forms for two clients to divert client refunds into his own account.”

The regulator said this conduct, while an AR of an Australian Financial Services (AFS) licensee, was “misleading or deceptive.”

Former broker can appeal decision

Cutro, said the release, has the right to appeal ASIC’s decision with the Administrative Appeals Tribunal.