The Australian Securities and Investments Commission (ASIC) has permanently banned former Phoenix Insurance Brokers director Sergio Amaranti for taking money from the company’s trust account.

ASIC says Mr Amaranti, based in Perth, engaged in misleading, deceptive and dishonest conduct from January 1 2009 to November 9 last year, directing funds totalling about $254,000 to various personal accounts held in his name.

Mr Amaranti was a senior insurance broker with Phoenix from 2000 to November last year, and a director from January 25 2002 to February 25 this year.

The money owed to clients came from premium refunds due to cancellations, adjustments or discounts negotiated by Mr Amaranti, who was a signatory of the trust account held by Phoenix and who had a code and password to finalise transactions.

ASIC says he can seek a review of the decision through the Administrative Appeals Tribunal.