A former-South Australian insurance broker has faced court on more than 80 charges of dishonestly using his position for personal gain.
Craig Horsell, of Adelaide, South Australia appeared in the Adelaide Magistrates Court last week on 88 charges following an investigation by ASIC.
The charges relate to Horsell’s conduct during his time as an employee and director of two insurance brokers Horsell International Pty Ltd (HIPL) and PSC Horsell Insurance Brokers Pty Ltd (PHIB) between 22 January 2007 and 23 July 2010, ASIC said in a statement.
It is alleged that between 7 September 2007 and 4 May 2010, Horsell acted dishonestly when he authorised the transfers of 88 insurance premium payments from clients totalling $414,300 into his bank account but did not purchase the insurance products as requested by the clients.
Horsell’s actions could have had a detrimental impact on a client if an event giving rise to a loss had occurred while they were uninsured, the statement said.
The charges follow Horsell’s permanent ban by ASIC in January this year.
If convicted, each offence carries a maximum penalty of five years in prison.
The matter returns to court on 11 September 2012.
