a close up of a mans face: ASIC were happy with the conviction.© Louie Douvis
ASIC have been pleased with the conviction.

A Perth insurance coverage dealer who stole almost $200,000 from purchasers over six years has been sentenced to jail. 

The Red Tea Detox

Whereas working at Phoenix Insurance coverage Brokers dealer and director Sergio Amaranti was discovered responsible of dishonest conduct after he diverted 51 shopper refunds, totalling $199,391, to his private accounts from 2009 to 2015.

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The refunds have been owed to 35 Phoenix purchasers for insurance coverage coverage cancellations and changes.

Finance watchdog ASIC completely banned Mr Amaranti from the monetary providers trade in 2015 when the allegations got here to gentle.

ASIC commissioner John Value blasted Mr Amaranti’s actions.

“Mr Amaranti was a director and senior insurance coverage dealer who used cash owed to his purchasers for his personal profit,” he mentioned.

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“His deliberate actions breached the belief that should exist between insurance coverage brokers and their purchasers.”

Mr Amaranti pleaded responsible to seven counts of dishonest conduct and final week was sentenced to 2 years and 9 months imprisonment, with a non-parole interval of 18-months.

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He’s additionally banned from managing corporations for 5 years.

On sentencing Mr Amaranti District Courtroom Justice Vernon mentioned his offending undermined the belief of the group and prospects of Phoenix and belief within the occupation.

“It is a breach of belief of purchasers, employers, co-directors and colleagues. When this belief is misplaced, that is crucial think about sentencing,” she mentioned.

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