The Australian Securities and Investments Commission (ASIC) has permanently banned former insurance broker Renato De Maria from providing any financial service.

Mr De Maria is also banned “from controlling an entity that carries a financial services business and performing any function involved in the carrying on of a financial services business”.

ASIC says Mr De Maria was a responsible manager and is the sole director of Melbourne-based Alliance Management Group Pty Ltd, formerly Alliance Insurance Broking Services (AIBS).

The Australian Financial Services Licence held by Alliance Management Group has been cancelled and the banning will be recorded on ASIC’s Banned and Disqualified Register.

Mr De Maria has the right to ask the Administrative Appeals Tribunal for a review of ASIC’s decision.

ASIC in March said that Mr De Maria had been charged with criminal offences relating to the misuse of about $35 million of client monies.

The matter was heard at Melbourne Magistrates’ Court for committal mentions on June 28 and August 14 and has been adjourned to April 22 next year for a three-day committal hearing.

ASIC has alleged Mr De Maria used his position as a director dishonestly by misusing monies held in trust accounts on behalf of AIBS clients.

This involved authorising withdrawals that were ultimately transferred back to Mr De Maria via a third party, issuing inflated invoices, and transferring funds between an AIBS trust account and other accounts controlled by Mr De Maria, the regulator has alleged.