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Australia bans financial services company owner from industry

BIScom Subsection: 
CoNet Administrator

The Australian Securities and Investments Commission has permanently banned the owner and sole director of an insurance brokerage from the financial services industry. Christopher John Griggs of Chris Griggs Insurance Offices Pty Ltd, Mount Pleasant, South Australia, forged documents and applied for credit using the names of third parties without their knowledge.

Today, ASIC issued a statement saying

"ASIC found that Mr Griggs prepared and submitted applications for insurance premium loan funding to Elantis Premium Funding Limited without the authority or knowledge of the named applicants and forged the signatures of the alleged applicants.  

Approved loan funds were then paid into a bank account controlled by Mr Griggs and applied to his benefit.  

Mr Griggs obtained a direct financial benefit totalling AUD155,002.87 and commissions of AUD1,705.02."



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