Mr John Anthony Ovens, of Berry in New South Wales, has been permanently banned from providing financial services by the ASIC after he was convicted of serious fraud offences.

Between early 2008 to mid 2010 Mr Ovens, 56, worked as a travelling insurance agent and offered insurance premiums for homes, contents, commercial buildings and public liability insurance to licensed premises and individuals in country New South Wales and Victoria.

Mr Ovens also operated his own financial services business, Southern Cross Associates Pty Ltd. Neither Mr Ovens, nor his company held an Australian Financial Services Licence (AFSL) nor were they authorised representatives of AFSL holders.

Mr Ovens issued tax invoices to clients, outlining the total cost of the insurance premiums and listed the insurer who had underwritten the insurance policy. In nearly all cases, the tax invoice was taken by clients as confirmation that an insurance policy was in place. However, the tax invoices were false.

Mr Ovens failed to pass on the insurance monies he received from his clients and instead transferred these payments to his own bank accounts for his personal use. He did not use the funds provided to him to purchase insurance premiums for his clients.

In May 2010 the NSW Police laid a number of charges under section 178BA(1) and section 192E(1)(b) of the Crimes Act 1900 (NSW) against Mr Ovens in relation to the above-mentioned, and other conduct.

On 24 August 2010 Mr Ovens pleaded guilty in the NSW Local Court to a total of 47 fraud charges. He was sentenced to, and is currently serving, a minimum 7 month jail sentence.

Mr Ovens has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.