.jpg)
ASIC has confirmed today that a former insurance broker pleaded guilty to multiple charges of dishonest conduct while appearing in court late last week.
Sergio Amaranti, who was previously employed as a director and senior broker with Phoenix Insurance, stood before the Perth Magistrates Court on 29 June charged with seven counts of dishonest conduct.
ASIC alleges that, between January 2009 and October 2015, Amaranti directed 51 refunds to personal accounts held in his own name, rather than returning them to the 35 clients to which they were owed.
The funds, totalling $199,391.32, were garnered as a result of policy adjustments and cancellations.
Amaranti, who was employed as a director from January 2002 to February 2016 and a senior insurance broker from 2000 to 2015, entered a plea of guilty and was committed to the District Court for sentencing on 24 August, 2018.
Phoenix, which reported the misconduct to ASIC and subsequently reimbursed the affected clients, did not respond to requests for comment by the time of publication.
