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ASIC revokes Pratten brokerage’s licence

The Australian Securities and Investments Commission has cancelled Rural & General Insurance Broking’s financial services licence, which was suspended last October.

The Parramatta-based brokerage, founded by jailed fraudster Charles Pratten, failed to lodge annual financial statements and auditors’ reports for 2013/14 and 2014/15.

“The annual lodgement of audited accounts is an important part of a licensee demonstrating it has adequate financial resources to provide the services covered by its licence and to conduct the business lawfully,” the regulator’s Deputy Chairman Peter Kell said.

Pratten is in jail for tax evasion and breaching a restraining order, and will be eligible for parole from October 2019. His prison term was extended after an appeal by the Commonwealth Director of Public Prosecutions arguing the initial sentence was inadequate.

He was convicted last year for failing to declare more than $5 million in income from $19 million of premium transferred to companies in Vanuatu.

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