Former Adelaide insurance agent Dominic Romeo has been given a nine-month suspended jail sentence and a good behaviour bond of 18 months for charges arising from an Australian Securities and Investments Commission investigation.

Mr Romeo, who was sentenced in the Adelaide Magistrates Court, was ordered to pay $14,360 in compensation and will be under the supervision of a community corrections officer for 12 months.

Mr Romeo received premium payments from clients on seven occasions between February and May last year and used the money for his own purposes. He was also not licensed under the Financial Services Reform Act.