Former insurance broker, Mr Sergio Amaranti, appeared before the Perth Magistrates Court on 29 June 2018 charged with seven counts of dishonest conduct.

Mr Amaranti was employed as a director of Phoenix Insurance Brokers Pty Ltd (Phoenix) in Perth from 25 January 2002 to 25 February 2016 and was a senior insurance broker with Phoenix from 2000 to November 2015.

ASIC alleges that, between 6 January 2009 to 14 October 2015, Mr Amaranti engaged in dishonest conduct by directing 51 refunds to personal accounts held in Mr Amaranti's name, totalling $199,391.32. These 51 refunds were owed to 35 clients from Phoenix for cancellations and adjustments of their insurance policies.

Mr Amaranti entered a plea of guilty and has been committed to the District Court for sentence mention on 24 August 2018.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Background

Mr Amaranti has been charged under s1041G of the Corporations Act.

The alleged misconduct was reported to ASIC by Phoenix, which has subsequently remediated the affected clients for any losses incurred.

In November 2016, ASIC permanently banned Mr Amaranti from the financial services industry (refer: 16-387MR).

Editor's note:

On 24 August 2018, the matter was adjourned to 1 February 2019 for further sentence mention.

Editor's note 2:

On 1 February 2019, the matter was remanded to 12 April 2019 for sentencing hearing.