Fraud allegation leaves broker on a sticky wicket

11 October 2012 14:37

An insurance broker appeared in court yesterday charged with stealing more than $675,000 of clients’ money over a seven-month period.

Bruce Wickett of Carnegie, Victoria, appeared in the Melbourne Magistrates Court charged with three counts of theft totalling $675,120.78 between August 2010 and March 2011.

It is alleged Wickett stole the money, which represented insurance premiums being held on behalf of 228 clients.

This money was to be forwarded to various insurance companies representing insurance premiums due to those insurers, for insurance cover they had provided to those clients of Wickett.

At the time of the offences Wickett was the sole director of Wickett Investments Pty Ltd and Wickett Insurance Broking Pty Ltd through which he operated his insurance broking business.

He was not required to enter a plea.

Wickett is to appear again in the Melbourne Magistrates Court on December 20 2012.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

broker, clients, insurance, Melbourne, Melbourne Magistrates Court, money

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There are not many things the AIOFP and its predecessor organisations have said over the years that I've agreed with, so imagine my surprise – discombobulation, even – to find myself on board with at least one of them: the need for an adviser-led disciplinary body to deal with members who transgress conduct rules and professional standards.

Simon Hoyle