Insurance: Australian broker banned
Insurance broker Michael Andrew Crawley of Yarraville, Victoria, has been permanently banned from providing financial services following an investigation by ASIC.
Crawley was banned after ASIC found that he engaged in dishonest conduct by falsifying loan applications for premium insurance funding from Ascot Premium Finance Pty Ltd between October 2006 and April 2007.
ASIC found that Mr Crawley misused his position to gain a financial advantage for himself by obtaining unauthorised loans in excess of AUD500,000.
At the time of the loan applications, Crawley was a director of Infac Insurance Pty Ltd.
ASIC banned Mr Crawley after finding that he had not complied with financial services laws and as there was reason to believe he would not comply with financial services law in the future.
Crawley has the right to appeal the decision.
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