31 May 2012

SFO prosecutes Herbert Insurance owner

12:39 pm on 31 May 2012

The former owner of Herbert Insurance, a failed insurance brokerage, has appeared in court.

Grant Malcolm Herbert faces 28 charges following an investigation by the Serious Fraud Office.

The SFO claims Herbert failed to forward premiums received from clients to insurers, in some cases leaving the customers uninsured, and diverted this money to pay operating expenses for his firm and to fund his lifestyle.

Herbert Insurance was placed into receivership and liquidation in March last year, with a $3.1 million dollar shortfall owed to insurers.