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Former broker jailed on fraud charges

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Former Arthur J Gallagher broker Antonino Gucciardi has been jailed for one year after pleading guilty to fraud charges in the Perth District Court.

The WA Police Force Major Fraud Squad charged Gucciardi after he was permanently banned last year from the financial services industry for misleading, deceptive and dishonest conduct.

An Australian Securities and Investments Commission (ASIC) investigation found he had created invoices that failed, in various cases, to disclose the broker fees charged or the true premium payable for products between August 1 2011 and August 3 2016.

He also charged clients excessive fees to meet his broking budget, misrepresenting the true cost of the services to both his clients and Arthur J Gallagher.

Gucciardi was employed as a broker by AJG, formerly OAMPS Insurance Brokers, between August 1 2011 and October 28 2015, and was an authorised representative from October 29 2015 to July 27 2016.

(Arthur J Gallagher has since rebranded to just Gallagher as part of the company’s 90th anniversary celebrations in 2017.)

The charges against Gucciardi were heard in Perth last Wednesday.