Court date set for broker charged over trust funds misuse

27 March 2023

A broker charged with criminal offences relating to the misuse of about $35 million of client funds is scheduled to return to the courts mid-year after an initial appearance before the Mansfield Magistrates’ Court last week.

The Australian Securities and Investments Commission (ASIC) alleges Renato De Maria, the sole director of Alliance Management Group Pty Ltd, formerly Alliance Insurance Broking Services Pty Ltd (AIBS) misused monies held in trust accounts between July 2016 and April 2021.

The regulator says he authorised three withdrawals totalling $7.9 million which were ultimately transferred back to Mr De Maria via a third party, and that he inflated insurance invoices totalling more than $4 million to four separate clients, contravening sections of the Corporations Act.

ASIC also alleges that he transferred more than $24 million between an AIBS trust account and other accounts controlled by Mr De Maria.

Mr De Maria will next appear before the Melbourne Magistrates’ Court on June 28.

Penalties for contraventions of the Corporations Act include both fines and prison time, with the severity of possible sentences increased partway through the period of the alleged offences.

Offences that contravene s184(2) and ss1041G of the Corporations Act now have maximum periods of imprisonment of 15 years, if they took place on or after March 13 2019.