Broker banned for fraud

ASIC has permanently banned a NSW insurance broker from providing financial services due to misconduct pertaining to fraud.

Mark Chapple was convicted of fraud in the NSW Magistrates Court in September, after he pleaded guilty to four counts of obtaining money deceptively and four counts of dishonestly obtaining financial advantage.

Chapple’s fraudulent conduct was carried out during his employment with AgriRisk, where Chapple invoiced a number of clients for his services despite having already been paid by his employer.

ASIC Deputy Chair Peter Kell says: “Clients should be able to trust that their insurance broker is providing a valuable service. This behaviour will not be tolerated.”

Chapple’s misconduct was brought to ASIC’s attention by AgriRisk, and he was charged in November last year.