Former insurance broker jailed for theft
Bruce Lawrence Wickett, 69, was sentenced in the Victorian County Court on Friday to 18 months in jail with a non-parole period of eight months. He pleaded guilty to three counts of theft for stealing $662,198 between August 2010 and March 2011.
The money was stolen from his clients, and represented insurance premiums paid to his insurance broking business. He was supposed to pass the money on to various insurance companies.
The corporate regulator alleges Mr Wickett instead sent the money overseas to a woman he had met online, "and who he subsequently developed an online relationship with". He met the woman, Toby Lola Dallas, through the RSVP website.
Deputy chairman of the Australian Securities and Investments Commission Peter Kell said Mr Wickett's actions exposed his clients to losses because it meant they had no insurance cover.
"Putting individuals at risk of potential losses by blatantly stealing money for personal benefit will not be tolerated," Mr Kell said.
At the time of the offences, Mr Wickett was the sole director of Wickett Investments and Wickett Insurance Broking, through which he operated his insurance broking business.
Frequently Asked Questions about this Article…
A former insurance broker, Bruce Lawrence Wickett, pleaded guilty to three counts of theft after stealing $662,198 of his clients' money and sending it overseas. The case was reported after the corporate regulator investigated the misuse of client insurance premiums.
Bruce Lawrence Wickett, 69, was the sole director of Wickett Investments and Wickett Insurance Broking, through which he operated his insurance broking business at the time of the offences.
Mr Wickett stole $662,198 between August 2010 and March 2011, an amount described in reports as more than $660,000 taken from his clients.
The money represented insurance premiums paid to Mr Wickett's broking business and was supposed to be passed on to various insurance companies to provide clients with cover.
The corporate regulator alleges Mr Wickett sent the stolen money overseas to a woman he had met online, identified in reports as Toby Lola Dallas, after developing an online relationship.
In the Victorian County Court, Bruce Wickett was sentenced to 18 months in jail with a non‑parole period of eight months after pleading guilty to the charges.
Deputy chairman of the Australian Securities and Investments Commission, Peter Kell, said Mr Wickett's actions exposed his clients to losses because they had no insurance cover, warning that 'putting individuals at risk of potential losses by blatantly stealing money for personal benefit will not be tolerated.'
This case highlights that misappropriation of insurance premiums can leave clients without cover and exposed to loss, and that regulators can investigate and prosecute brokers who steal client funds, resulting in criminal sentences.
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