The sole director of Alliance Management Group, formerly Alliance Insurance Broking Services (AIBS), Renato De Maria, has appeared in the Mansfield Magistrates Court charged with criminal offences relating to the misuse of approximately $35M of client monies.
ASIC (Australian Securities and Investments Commission) alleges that between July 2016 and April 2021, Mr De Maria used his position as director of AIBS dishonestly, by misusing monies held in trust accounts on behalf of AIBS clients.
Mr De Maria will next appear before the Melbourne Magistrates’ Court on June 28, 2023.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following an investigation by ASIC.