ASIC permanently bans AFSL director

The corporate regulator has permanently banned the former director of an NSW licensee after he was convicted on seven counts of dishonest conduct.

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.

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