Insurance director pleads guilty to fraud
Victorian director Timothy John McKenzie is likely to go to jail this week after pleading guilty to five charges of deception and theft of insurance payments.
A Victorian County Court spokesman confirmed to insuranceNEWS.com.au that Mr McKenzie last week pleaded guilty to three counts of dishonestly obtaining property by deception, and two of stealing property belonging to another.
The Australian Securities and Investments Commission (ASIC) says Mr McKenzie, who was a director of EBS Consulting and EBS Holding at the time the thefts happened between December 2003 and June 2004, is accused of altering or misrepresenting $3.6 million in insurance premium payments and stealing $440,000 of company funds.
Justice Anthony Duckett told the court he is likely to impose an immediate jail term when Mr McKenzie is sentenced this week.
A Victorian County Court spokesman confirmed to insuranceNEWS.com.au that Mr McKenzie last week pleaded guilty to three counts of dishonestly obtaining property by deception, and two of stealing property belonging to another.
The Australian Securities and Investments Commission (ASIC) says Mr McKenzie, who was a director of EBS Consulting and EBS Holding at the time the thefts happened between December 2003 and June 2004, is accused of altering or misrepresenting $3.6 million in insurance premium payments and stealing $440,000 of company funds.
Justice Anthony Duckett told the court he is likely to impose an immediate jail term when Mr McKenzie is sentenced this week.