WA insurance broker banned for $254k theft

A former Perth insurance broker who stole $254,000 from clients has been permanently banned from the financial services industry by the corporate watchdog.

Sergio Amaranti was a director at Phoenix Insurance Brokers from January 2002 to February 2016, and was a senior insurance broker from 2000 to November 2015, with signatory control over the company's trust account and an individual code and password to finalise transactions.

Between January 2009 and November 2015, he directed money for clients, comprising refunds of premiums from cancellations, adjustments or negotiated discounts, into his personal accounts.

The Australian Securities and Investments Commission found Amaranti's conduct was misleading, deceptive and dishonest, but he can still appeal to the Administrative Appeals Tribunal.