ASIC permanently bans AFSL director

According to ASIC, Timothy Charles Pratten was the director of insurance broking company Practical Insurance Claims and licensee Rural & General Insurance Broking. 

He was banned after being convicted on seven counts of dishonestly obtaining a financial advantage from the Commonwealth by deception. The conviction followed an investigation by the Australian Taxation Office, which found that Mr Pratten had failed to declare $5 million of income.

On 29 April 2016, Mr Pratten was sentenced to five years in jail with a two-year non-parole period.

He is also automatically disqualified from managing corporations.

Mr Pratten has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.