Former broker faces jail over false loan applications

A former insurance broker has pleaded guilty to 14 counts of dishonesty after submitting fake applications to a premium funder.

Last month, Paul Meier, formerly the Director of Barker Meier Insurance Brokers, pleaded guilty in Adelaide to 14 counts of dishonest dealings with documents, seven of which were aggravated.

Each of the offences carries a maximum term of imprisonment of between 10 to 15 years. Meier will be arraigned before the District Court on 23 June.

Last year, Meier gave ASIC an enforceable undertaking to permanently refrain from providing financial services or engaging in any credit activity after an investigation by the corporate watchdog.

It found Meier had submitted false loan applications to Premium Funding on 16 occasions between October 2010 and November 2011 and used the subsequent finds to meet the business expenses of his brokerage.

At the time of the offences, Meier was a 50% shareholder in the company, which had a market presence in Adelaide and Melbourne.