Perth insurance broker guilty of funnelling almost $200,000 into personal accounts

A FORMER insurance broker has admitted funnelling almost $200,000 owed to 35 clients for policy cancellations and adjustments into his own bank accounts.

Sergio Amaranti was working for Perth-based Phoenix Insurance Brokers between 2009 and 2015 when he directed 51 refunds to his personal accounts.

Amaranti was permanently banned from the financial services industry in November.

He has pleaded guilty to seven counts of contravening the Corporations Act and will face the District Court of WA for a sentence mention next month.