Alliance Director Renato De Maria permanently banned
Alliance Management Group Director Renato De Maria, who is due to appear at the Melbourne Magistrates’ Court next year for a committal hearing, has been permanently banned from providing any financial service.
The Australian Securities and Investments Commission (ASIC) says Mr De Maria is also permanently banned from controlling an entity that carries a financial services business and performing any function involved in the carrying on of a financial services business.
Mr De Maria was a responsible manager and is the sole director of Alliance Management Group, formerly Alliance Insurance Broking Services (AIBS). He has the right to contest the banning at the Administrative Appeals Tribunal.
The Australian Financial Services Licence held by Alliance Management Group has been cancelled, the regulator says.
ASIC in March said Mr De Maria had been charged with criminal offences relating to the misuse of about $35 million of client monies.
The matter was heard at Melbourne Magistrates’ Court for committal mentions on June 28 and August 14 and has been adjourned to April 22 next year for a three-day committal hearing.
ASIC has alleged Mr De Maria used his position as a director dishonestly by misusing monies held in trust accounts on behalf of AIBS clients.
This involved authorising withdrawals that were ultimately transferred back to Mr De Maria via a third party, issuing inflated invoices, and transferring funds between an AIBS trust account and other accounts controlled by Mr De Maria, the regulator has alleged.
The Alliance Group website describes Mr De Maria, who goes by the name of Rennie, as an Australian business leader, entrepreneur and philanthropist.