Two Elders Insurance brokers have been permanently banned by the Australian Securities and Investments Commission (ASIC) after being convicted of fraud and theft.

Tony Bashford, of Talbingo in NSW, and Brody Glenn Jarman, of Yarrawonga in Victoria, were reported to police and ASIC after internal investigations by Elders and parent QBE.

A QBE spokesman told insuranceNEWS.com.au its protective services team uncovered fraudulent claims Bashford made without clients’ knowledge, keeping the payments for himself. He subsequently paid some funds back to the business.

Elders revoked Bashford’s licence as an authorised representative. He operated four insurance agencies under the Elders brand.

Bashford was convicted of seven counts of dishonestly obtaining a financial advantage and sentenced to 14 months in jail. He is appealing his sentence.

ASIC has permanently banned him from providing financial services or engaging in credit activities.

Jarman was found by Elders to have stolen client funds between 2012 and 2015 while he was insurance manager at Albury Insurances in Yarrawonga.

He admitted seven counts of theft in 2016, and was given a good behaviour bond and ordered to pay compensation.

The QBE spokesman told insuranceNEWS.com.au no customers were adversely affected by the men’s actions.