Former insurance adviser, John Anthony Ovens, has been permanently banned from providing financial services following his conviction on a number of fraud-related charges.
ASIC advises that between early 2008 and mid 2010 Mr Ovens worked as a travelling insurance agent and offered insurance premiums for homes, contents, commercial buildings and public liability insurance to licensed premises and individuals in country New South Wales and Victoria.
Mr Ovens also operated his own financial services business, but neither Mr Ovens nor his company held an Australian Financial Services Licence (AFSL) nor were they authorised representatives of AFSL holders.
ASIC said that Mr Ovens issued tax invoices to clients, outlining the total cost of the insurance premiums and listed the insurer who had underwritten the insurance policy. In nearly all cases, the tax invoice was taken by clients as confirmation that an insurance policy was in place. However, the tax invoices were false.
Mr Ovens failed to pass on the insurance monies he received from his clients and instead transferred these payments to his own bank accounts for his personal use. He did not use the funds provided to him to purchase insurance premiums for his clients.
Mr Ovens pleaded guilty to 47 fraud charges in August 2010 and is presently serving a minimum seven-month jail sentence.
