12-286MR Former director of SA insurance broker pleads guilty
Monday 19 November 2012
A former South Australian insurance broker pleaded guilty on 16 November 2012 to three charges of dishonestly using his position to authorise payments totalling $414,299.87 into his personal bank account.
Mr Craig John Horsell, of Adelaide, South Australia, pleaded guilty to charges relating to his conduct as an employee and/or director of Horsell International Pty Ltd (HIPL) and PSC Horsell Insurance Brokers Pty Ltd (PHIB) between 22 January 2007 and 23 July 2010.
It is alleged that between 7 September 2007 and 4 May 2010, Mr Horsell acted dishonestly when he authorised the transfers of 89 insurance premium payments from clients into his personal bank account but did not purchase the insurance products requested by the clients.
Each offence carries a maximum penalty of five years in prison.
Mr Horsell has been remanded to appear in the District Court on 17 December 2012 for sentence.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
On 9 January 2012, ASIC permanently banned Mr Horsell from providing financial services (refer:12-10AD).
Mr Horsell’s actions could have had a detrimental impact on a client if an event giving rise to a loss had occurred while they were uninsured.
Mr Horsell’s conduct was brought to ASIC’s attention by HIPL which cooperated fully with ASIC’s investigation.
HIPL and/or PHIB have recovered all outstanding funds from Mr Horsell and all insurance covers that were suspected of either being fabricated or compromised by Mr Horsell’s conduct have been placed or reinstated so that no clients have faced any financial losses.
On 17 December 2012 Mr Horsell was remanded to reappear in the District Court on 11 February 2013 for sentence.
On 11 February 2013 the matter was adjourned until 21 March 2013 for further submissions on sentence.
The sentence hearing for Mr Horsell will be held on 16 April 2013.
On 16 April 2013 in the Adelaide District Court the matter was adjourned until 17 May 2013 for sentencing.