Former Arthur J Gallagher broker Antonino Gucciardi has been jailed for one year after facing charges brought by WA’s Major Fraud Squad.

Gucciardi pleaded guilty at Perth District Court after being permanently banned from the financial services industry last year for misleading, deceptive and dishonest conduct.

An Australian Securities and Investments Commission investigation found Gucciardi created invoices that failed to disclose 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 services to both his clients and Arthur J Gallagher.

Gucciardi was employed as a broker by Arthur J Gallagher – formerly OAMPS Insurance Brokers and now branded as Gallagher – between August 1 2011 and October 28 2015.

He was an authorised representative from October 29 2015 to July 27 2016.