Victorian-based insurance agent John Burton-Clay has been given a 15-month jail sentence, suspended for two years, for theft and fraud totalling almost $531,000.

Through his Guilford-based business Maine Insurance Agencies, Mr Burton-Clay misled hotel proprietors by purporting to arrange property damage and public liability insurance. He arranged property insurance but held onto the premiums for public liability.

In February 2002 the Federal Court ordered him to return more than $213,000 to clients and permanently barred him from the industry.

The Australian Securities and Investments Commission (ASIC) Deputy Executive Director of Enforcement Mark Steward says Mr Burton-Clay engaged in deceptive conduct that caused people much anxiety. “ASIC will continue to pursue those who exploit positions of responsibility.”