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Insurance broker charged

NSW insurance broker Scot Weston has appeared before the Wollongong Local Court on 11 charges of dishonest conduct and obtaining a benefit by deception.

The Australian Securities and Investments Commission (ASIC) alleges that between June 1 and August 27 2002 Mr Weston engaged in dishonest conduct in relation to a financial product when he sent documents to several insureds that claimed to set out details of an insurance policy underwritten by Lloyd’s of London when no such policy existed.

Mr Weston did not enter a plea when he appeared in court last week.

The charges were laid after an ASIC investigation into the activities of Interre Insurance Brokers and Hirtes Insurance Brokers.

ASIC also alleges that between June 2002 and March 2003 Mr Weston deceptively sent documents to several insureds and the Department of Tourism, Sport and Recreation that claimed to set out details of insurance policies, leading to the payment of premiums and the issuing of licences by the NSW Minister for Sport and Recreation.

Mr Weston is due to reappear before the Wollongong Local Court on September 14.