Tuesday 15 August 2006 06 – LAWFUEL – Legal News Network – Mr Duncan Ernest Howarth, of Ringwood, Victoria, has appeared in the Melbourne Magistrates Court on dishonesty charges brought by the Australian Securities and Investments Commission (ASIC).
These charges follow an investigation by ASIC into the activities of Mr Howarth’s company, Presidential Financial Services Pty Ltd (PFS), and his conduct as an insurance broker. ASIC alleges that between May 2004 and June 2005, Mr Howarth engaged in dishonest and deceptive conduct by obtaining insurance premium loans from premium funding firms for his family company, JJG Investments Pty Ltd and seven PFS clients, when those entities had not, in fact, entered into relevant insurance contracts with insurers.
PFS received approximately $97,275 in fees and commissions from the firms for arranging the premium funding loans. Mr Howarth is scheduled to reappear before the Melbourne Magistrates Court on 10 October 2006. The Commonwealth Director of Public Prosecutions is prosecuting the matter. For further information contact: Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310