15-371MR ASIC permanently bans insurance broker convicted of fraud

ASIC has permanently banned Mr Mark Chapple from providing financial services after he was convicted of fraud in the NSW Magistrates Court (Tamworth.)

In May 2015, Mr Chapple pleaded guilty to four counts of obtaining money by deception and four counts of dishonestly obtaining financial advantage by deception.  Mr Chapple was sentenced in September 2015 following a sentencing appeal.

Mr Chapple's fraud convictions arose from conduct while he was an employee of Agri Risk Services Pty Ltd (AgriRisk), a specialist rural insurance broker.  Mr Chapple invoiced a number of clients directly for his services despite having already been paid by his employer for those serevices, thereby gaining a financial advantage by deception of each of the affected clients.

ASIC Deputy Chair Peter Kell said: "Clients should be able to trust that their insurance broker is providing a valuable service.  This behaviour will not be tolerated."

Mr Chapple's conduct was brought to ASIC's attention by AgriRisk, who have fully assisted ASIC with its enquiries.

Mr Chapple has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

View the original ASIC Media Release here.