ASIC has permanently banned former insurance broker, Mr Dennis William Whittaker, and ANZ Bank representative, Mr Jose Alexis Porcia, from providing financial services.

Dennis William Whittaker

Mr Whittaker, of Wonga Willi, New South Wales, was banned by ASIC after his conviction in the Sutherland Local Court on 16 June 2006 of misappropriating client funds in excess of $120,000 between 2002 and 2005.

Mr Whittaker was employed as the general manager and accountant of Carrington Insurance Brokers Pty Ltd (Carrington Insurance) for over 20 years.

The Sutherland Local Court found Mr Whittaker had deposited company cheques into accounts held in his own name and other family members and used these funds to pay, amongst other things, his insurance.

Carrington Insurance notified ASIC of the issue and co-operated fully during its inquiries.

Mr Whittaker ceased employment with Carrington Insurance on 7 November 2005.

Jose Alexis Porcia

Mr Porcia’s banning by ASIC follows his conviction of falsifying documents in the Downing Centre Local Court on 6 December 2005.

Mr Porcia, a former representative of the ANZ Bank, was found to have misappropriated approximately $160,000 of clients’ funds in 2003. At the time, Mr Porcia worked at the ANZ branch in Campsie, New South Wales.

ANZ Bank notified ASIC of the issue and co-operated fully during its inquiries.

‘Members of the public have a right to expect that those who provide financial services act honestly at all times,’ ASIC’s Executive Director, Compliance, Ms Jennifer O’Donnell, said. ‘Early reporting to ASIC by financial services licensees of misconduct by their representatives assists ASIC to take action of this kind.’

Mr Whittaker and Mr Porcia have the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.