Renato De Maria, the sole director of Alliance Management Group Pty Ltd, formerly Alliance Insurance Broking Services Pty Ltd (AIBS), has appeared in the Mansfield Magistrates' Court charged with criminal offences relating to the misuse of approximately AUD35 million of clients' moneys.

ASIC alleges that between July 2016 and April 2021, De Maria used his position as director of AIBS dishonestly, by misusing monies held in trust accounts on behalf of AIBS clients, by:

* authorising three withdrawals totalling AUD7.9 million which were ultimately transferred back to De Maria via a third party and thereby contravening s184(2) of the Corporations Act;

* issuing inflated insurance invoices totalling over AUD4 million to four separate clients and thereby contravening ss1041G of the Act; and

* transferring more than AUD 24 million between an AIBS trust account and other accounts controlled by Mr De Maria and thereby contravening s184(2) of the Act.

AIBS, a proprietary company limited by shares, was incorporated on 13 December 2000 and holds an Australian Financial Services licence. AIBS’s principal business was providing insurance broking services.

De Maria's alleged conduct spans two sentencing regimes.

Prior to 13 March 2019, the maximum penalty for each s184(2) offence was five years' imprisonment and/or a fine of AUD420,000, and for each s1041G offence, the maximum penalty was 10 years' imprisonment and/or a fine of AJD945,000.

For offences that occurred on or after 13 March 2019, the maximum period of imprisonment increased to 15 years' imprisonment in respect of both offences.