Former AC Insurance Brokers Director Desmond Allomes has been given a suspended 27-month jail term on three charges of breaching the Insurance (Agents & Brokers) Act.

The charges – which were brought by the Australian Securities and Investments Commission (ASIC) after an investigation – related to deficiencies of between $199,000 and $204,000 in the brokerage’s accounts between July 2000 and September 2002.

ASIC alleged Mr Allomes allowed AC to carry deficiencies in its broking accounts. His sentence was suspended on the condition he entered into a three-year good behaviour bond. He was also ordered to report to a corrections officer for a year.