On January 30, 2012 Australian Securities and Investment Commission (ASIC) published that the commission has permanently banned a former South Australian company director from providing financial services after he dishonestly obtained more than $400,000 from clients over a two-year period. The action against Craig John Horsell, of Adelaide, follows an ASIC investigation into his time as an employee and a director of insurance businesses Horsell International Pty Ltd (HIPL) and PSC Horsell Insurance Brokers Pty Ltd (PHIB) between 22 January 2007 and 23 July 2010. ASIC’s investigation found that between 7 September 2007 and 4 May 2010 Mr Horsell acted dishonestly and in breach of financial services laws when he authorised the transfers of 72 insurance premium payments from clients totalling $409,635.24 into his bank account but did not purchase the insurance products as requested by the clients.

The original article can be found at Australian Securities and Investment Commission.