Financial Services Business Owner Banned for Fraud

The Australian Securities and Investments Commission (ACCC) has announced that Southern Cross Associates Pty Ltd owner and insurance agent John Anthony Ovens has been permanently banned from providing financial services on account of serious fraud offences. Mr Ovens and his company did not hold an Australian Financial Services Licence (AFSL) and were not representatives of AFSL holders. Mr Ovens issued false tax invoices to clients containing information about insurance premiums costs and the insurer who had underwritten the policy, which clients took as confirmation that a policy was in place. Instead of purchasing insurance premiums for clients, Mr Ovens put the money to personal use. 
ASIC’s media release (11 January 2011)
(Source: ASIC)