What happened
On 9 July 2026, the District Court of South Australia ordered former insurance broker and company director Craig John Horsell to serve his original suspended three-year prison sentence. The court found that Horsell had committed a state deception offence against a bank between May 2015 and December 2018, which breached his requirement to be of good behaviour following his 2013 release.
Sentence for the bank deception offence
For the bank deception offence, the court separately sentenced Horsell to two years, eight months and 10 days imprisonment, with a non-parole period of one year and seven months starting 1 July 2027. His total effective sentence across both matters is three years, eight months and 10 days imprisonment.
Background
In 2013, Horsell was convicted of dishonestly diverting 89 client insurance premium payments totalling approximately $414,000 into his personal bank account between September 2007 and May 2010. The conduct involved falsifying bank statements and cancelling some clients' insurance policies. At that time, he was fined $75,000 and given immediate release on a suspended sentence. ASIC permanently banned Horsell from providing financial services in January 2012.
Key actions
- Verify that an insurance broker holds a current Australian Financial Services Licence (AFSL) or is an authorised representative of a licensed firm - checks are available at moneysmart.gov.au or asic.gov.au/check.
- Report suspected misuse of premium payments or falsified documents to ASIC at asic.gov.au/report-misconduct or by calling 1300 300 630.
- Subscribe to ASIC media releases for updates on enforcement actions affecting financial services providers at asic.gov.au/about-asic/news-centre/find-a-media-release.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.