Victorian insurance broker Anthony John Ryan has received a suspended three-and-a-half year jail sentence and $10,000 fine for dishonestly using his position for personal gain.

The Doncaster-based broker pleaded guilty to three charges brought by the Australian Securities and Investments Commission (ASIC) and was sentenced by the Melbourne County Court on Friday.

Mr Ryan pleaded guilty to the charges in August last year. They included one count of dishonestly using his position as director of insurance broking firm InterRe Insurance Brokers to gain a personal advantage.

He pleaded guilty to two further charges of engaging in dishonest conduct in relation to a financial product.

ASIC alleged Mr Ryan misrepresented the correct premiums required to obtain carriers and couriers insurance to retail broker TCIS Insurance Brokers and misrepresented to QBE Mercantile Mutual the value and details of insurance placed with InterRe in October 2003.

Between October 2003 and February 2004, he misrepresented to InterRe’s Brisbane office the amounts and details of carriers and couriers insurance written.

He also advised InterRe of only 36 of a total of 375 policies written and failed to remit about $213,000 in premium revenue.  

QBE Mercantile Mutual did not collect the full amount of premium and had no knowledge of the total business written. As a result of Mr Ryan’s actions, premiums were paid for which no cover existed.

Mr Ryan has agreed to be bound by a good behaviour bond for the term of his sentence.