Former broker to face jury

Napier insurance broker David McGuffie yesterday pleaded not guilty to four charges of making dishonest claims to four large insurance companies.

Thursday, June 18th 2015, 2:06PM

McGuffie entered the plea in the Napier District Court and will now face a jury trial.

He faces four charges of dishonestly using a document, namely insurance application forms, without claim of right between February 2011 and July 2013.

The dishonesty claims he allegedly made, were to Pinnacle Insurance, Asteron Insurance, Tower Insurance and AIA Insurance.

McGuffie was the owner and founder of Advanced Insurance. The company changed its name to HMS Holdings Ltd on February 21, 2014. It stopped trading a week later and a fortnight later was put into voluntary liquidation.

“The company went into voluntary liquidation following the termination of key insurance agencies. The company was unable to successfully negotiate the reinstatement of these agency agreements, and therefore the company had no way of deriving future income and could not continue to trade,” Kenneth Oliver from Contract Management says in his first liquidators report.

McGuffie was a registered financial adviser, but deregistered on May 20, 2014.

He was a member of the Life Brokers Association, which is now part of  the New Zealand Financial Advisers' Association (NZFAA).

Tags: AIA Asteron

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