The Australian Securities and Investments Commission has banned Samuel Tessa for providing dishonest brokerage to automotive repair businesses.
ASIC has been investigating Tessa who allegedly approached individuals and small automotive repair businesses in Melbourne from May 1, 2013 to December 31, 2016, acting as an insurance broker to take money for insurance premiums under false pretenses.
The regulator says Tessa violated financial services law, was dishonest and not fit or qualified to engage in credit activities – he was also charged with five counts of dishonestly gaining financial advantage through deception in January this year.
Tessa has the right to as appeal through the Administrative Appeals Tribunal to review ASIC’s verdict which will be recorded on the ASIC Banned and Disqualified Persons Register.
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