The Australian Securities and Investments Commission (ASIC) reports that former insurance broker, Brendan Maxwell Manion from Launceston, Tasmania, was sentenced on Friday 25 September in the Launceston Magistrates Court on six counts of dishonest conduct in relation to financial products and services and two counts of a failure to provide written particulars of fees and charges. Mr Manion was fined a total of $12,000 in respect of these charges.

The charges, which were laid under the Corporations Act 2001 and Insurance (Agents and Brokers) Act 1984 (now repealed), followed an investigation by the Australian Securities and Investments Commission into Mr Manion's conduct as an insurance broker between 2 July 2001 and 30 September 2004. He was the sole director and principal of Brendan Manion Specialist Insurance Intermediary Pty Ltd (BMSII).

It was found that Mr Manion had dishonestly failed to disclose the broker fees on invoices issued for insurance cover by BMSII.

In addition, Mr Manion had on a previous occasion, pleaded guilty to one count of altering books in his possession that were required to be produced to ASIC. Mr Manion was fined $15,000 in respect of this charge.

The charges were prosecuted by the Commonwealth Director of Public Prosecutions.

1 October, 2009