Tuesday 20 March 2007 LAWFUEL – Australia Law – Mr Timothy John McKenzie, of Ringwood, Victoria, appeared in the Melbourne Magistrates Court yesterday on charges relating to insurance transactions involving more than $5 million following an investigation by the Australian Securities and Investments Commission (ASIC). Mr McKenzie, the former director of EBS Consulting Pty Ltd and EBS Holdings Pty Ltd, was charged with seven counts of dishonestly obtaining a financial advantage, three counts of theft and three counts of dishonestly using his position with the intention of gaining an advantage.
ASIC alleges Mr McKenzie used the bank accounts of EBS Consulting Pty Ltd and EBS Holdings Pty Ltd to receive insurance premiums for insurance coverage arranged by him. Specifically, ASIC alleges that Mr McKenzie obtained a financial advantage for EBS Consulting Pty Ltd by falsely representing that approximately $3.5 million in insurance premium payments were due to be paid to Lloyd’s of London, by a company involved in the leasing of computer and electronic equipment, when the insurance cover was not underwritten or was significantly different to what the client believed they were purchasing.
It is also alleged that Mr McKenzie operated an internet website and raised approximately $1.1 million in premiums from customers seeking to insure financed computer equipment. ASIC alleges that Mr McKenzie obtained a financial advantage for EBS Holdings Pty Ltd by falsely representing to website customers that insurance policies were underwritten by either the Hollard Insurance Company Pty Ltd or Lloyd’s of London. Mr McKenzie has also been charged with theft offences arising from the use of money paid for insurance premiums.
Mr McKenzie is required to reappear in the Melbourne Magistrates Court on 15 May 2007 for a committal mention. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. For further information contact: Allen Turton Deputy Executive Director, Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236 Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310 Page 1 of 1