A former insurance broker has been permanently banned from providing financial services after he pleaded guilty to stealing client funds.
Brody Glenn Jarman of Yarrawonga, in regional Victoria, was investigated and subsequently prosecuted by ASIC over his misuse of client money.
Back in February 2016, he pleaded guilty in the Cobram Magistrates Court to seven counts of theft between 2012 and 2015, at which time he had been working as the insurance manager at Albury Insurances.
Despite the sum being relatively minor – the seven thefts totalled $3,133.36 – ASIC expressed concerns that Mr Jarman had breached financial services rules, and was likely to do so again.
As such, the regulatory body imposed a life ban on Mr Jarman, and will update its Banned and Disqualified Persons Register accordingly.
Mr Jarman does, however, have the right to appeal ASIC’s decision.
A search for Albury Insurances did not return any results, although Elders Insurance has an insurance office in Yarrawonga. Elders Insurance has been contacted to clarify whether it is the same business as the one Mr Jarman was employed by at the time of the thefts.
Last month, My Business reported on the issue of workers stealing from their employers, with unsubstantiated figures estimating direct losses as high as $1.5 billion annually.
Yet the situation can be much more delicate – and costly – when customer monies are stolen, given the ramifications for brand reputation and repeat custom for the business in addition to the reimbursement of funds to affected clients.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.