Former insurance broker disqualified by ASIC
Melbourne-based Renato De Maria has been permanently banned by the Australian Securities and Investments Commission (ASIC) from providing any financial services.
De Maria has been banned from “controlling an entity that carries a financial services business and performing any function involved in the carrying on of a financial services business”, ASIC said.
De Maria was charged in March 2023 with breach of duties and dishonest conduct after it was alleged he misused $35 million of client monies.
As responsible manager and sole director of Alliance Management Group (formerly Alliance Insurance Broking Services), De Maria allegedly misused funds held in trust accounts on behalf of clients by:
- “authorising three withdrawals totalling $7.9 million which were ultimately transferred back to Mr De Maria via a third party and thereby contravening s184(2) of the Corporations Act;
- issuing inflated insurance invoices totalling over $4 million to four separate clients and thereby contravening ss1041G of the Act; and
- transferring over $24 million between an AIBS trust account and other accounts controlled by Mr De Maria and thereby contravening s184(2) of the Act.”
ASIC also cancelled the Australian Financial Services Licence (AFSL) held by Alliance Management Group Pty Ltd.
De Maria’s banning will be recorded on the Banned and Disqualified Register ahead of his matter being heard at Melbourne Magistrates’ Court in 2024 for a three-day committal hearing.