Insurance broker jailed for theft

According to an ASIC statement, Bruce Lawrence Wickett – former director of Wickett Investments Pty Ltd and Wickett Insurance Broking Pty Ltd – has been sentenced to 18 months’ imprisonment with a non-parole period of 8 months.

Mr Wickett pleaded guilty to three charges of theft in February, after an ASIC investigation found Mr Wickett stole $663,198.31, which “represented insurance premiums paid by clients to his insurance broking business, instead of passing the funds on to the relevant insurance companies as required”.

The ASIC investigation alleged the accused sent the money overseas to an online acquaintance that he subsequently developed an “online relationship” with.

“Putting individuals at risk of potential losses by blatantly stealing money for personal benefit will not be tolerated’, said ASIC deputy chairman Peter Kell.