Thursday 12 July 2007 LAWFUEL – The Legal Newswire – Former director of insurance broking company, Blundell & Associates Pty Ltd (Blundell & Associates), Mr Richard James Blundell, has been sentenced today to two years imprisonment, discounted to 18 months due to a guilty plea, on charges brought by the Australian Securities and Investments Commission (ASIC). Mr Blundell, 48, of Botany, New South Wales, will serve a non parole period of six months. Mr Blundell pleaded guilty on 28 May 2007 in the New South Wales District Court to four counts of dishonestly obtaining money by deception in about May to July 2002. These counts related to over $8,800 received from two clients in response to Blundell & Associates tax invoices which falsely stated that insurance policies had been arranged.
A further five offences committed by Mr Blundell between February 2000 and December 2001 relating to over $8,000 were also taken into account on sentencing. ‘Today’s sentence should serve as a warning to all insurance brokers to deal appropriately with client money. Those who fail to carry out their responsibilities honestly face serious consequences’, said ASIC’s Executive Director of Enforcement, Ms Jan Redfern. The matter was prosecuted by the Commonwealth Director of Public Prosecutions. For further information contact: Jan Redfern Executive Director, Enforcement Telephone: 02 9911 2191 Mobile: 0411 119 210 Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310 Page 1 of 1