A broker charged with misusing millions of dollars in client funds will return to the Melbourne Magistrates’ Court on August 14. 

Renato De Maria, the sole director of Melbourne-based Alliance Insurance Broking Services (AIBS), is charged with misuse of monies held in trust accounts between 2016 and 2021. 

At a court appearance on Wednesday attended by insuranceNEWS.com.au, Mr De Maria appeared via video link, as did his legal representative Tony Hargreaves and Commonwealth Director of Public Prosecutions Senior Federal Prosecutor Kathy Piechutowska. 

The CDPP is prosecuting the matter following an investigation by the Australian Securities and Investments Commission (ASIC), which has brought 17 charges against Mr De Maria, who last year was convicted for publishing an intimate image of his former wife without her consent. 

A charge sheet and summons emailed to insuranceNEWS.com.au shows ASIC claims he used his position dishonestly with the intention of gaining an advantage of millions of dollars for himself, and dishonestly issued inflated insurance invoices totalling more than $4 million. He allegedly also obtained payments from the Bradica Group, CVA Property Consultants, Liuzzi Property Group and Mantzis Family Group. 

The last charge says that over three years to February 2019, Mr De Maria used his position dishonestly to "gain advantage for himself, namely $14.7 million”.  

ASIC has previoulsy said AIBS, which was sold for $24.5 million in August 2021, invested $7.9 million of client money into an account held by Clients Link Investments, which shares the same director as Fair Link Investments, the lender of at least $7.9 million to Mr De Maria. 

ASIC investigated whether investment of client money with Clients Link “was an arm’s-length investment arrangement”. 

“ASIC has alleged that it appears to have been arranged by Mr De Maria in order to enable him to borrow funds from those entities for the personal use of Mr De Maria and his wife,” the regulator said. "ASIC has alleged that the $7.9 million of client money has been misused by Mr De Maria for his personal benefit.” 

It lists payments from Fair Link to Mr De Maria in February 2018 ($2.5 million), March 2019 ($2.4 million) and May 2019 ($3 million). 

Mr De Maria, who goes by the name of Rennie, was GE Capital Fleet Services Insurance Manager for more than seven years until he founded Alliance almost 25 years ago, according to LinkedIn, which also states he was a director at Safe-Guard, which provides vehicle insurance. 

Another LinkedIn profile says he is self-employed and based in Georgia in the US, where Safe-Guard is headquartered, and shows Mr De Maria in an aircraft wearing sunglasses and a headset. Local media has previously reported he sold a property in Toorak for around $9 million in 2021 and was living on a large property in Mansfield with a helipad and three-hole golf course.  

Two years ago, ASIC obtained urgent interim orders in the Federal Court against Mr De Maria, restraining him from transferring funds from five business accounts, including those called Cash Maximiser and Porsche Trust, or disposal of property or assets held by Mr De Maria or the company. 

ASIC says the orders were made “to preserve assets for the benefit and protection of AIBS’s insured clients and insurance providers”. 

The offences can incur a jail term of up to 15 years and large fines.