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Broking director charged over alleged misuse of client monies

The Australian Securities and Investments Commission (ASIC) says Renato De Maria, the sole director of Alliance Management Group Pty Ltd, formerly Alliance Insurance Broking Services Pty Ltd (AIBS), has been charged with criminal offences relating to the misuse of about $35 million of client monies.

Mr De Maria has appeared in the Mansfield Magistrates Court on the matter, which is being prosecuted following an ASIC investigation.

ASIC alleges that Mr De Maria used his position as director of AIBS dishonestly between July 2016 and April 2021 by misusing monies held in trust accounts.

The regulator says he authorised three withdrawals totalling $7.9 million which were ultimately transferred back to Mr De Maria via a third party, and that he inflated insurance invoices totalling more than $4 million to four separate clients.

ASIC also alleges that he transferred more than $24 million between an AIBS trust account and other accounts controlled by Mr De Maria.

Mr De Maria will next appear before the Melbourne Magistrates’ Court on June 28.