The Australian Securities and Investments Commission (ASIC) has obtained interim orders in the Federal Court at Adelaide against former insurance agent Domenic Romeo, of Fullarton in South Australia. The orders prevent him from using the name “Arkaba Insurances” and from receiving money for insurance premiums.

The regulator says Mr Romeo is presently not an authorised representative of any insurance licensee. He was previously acting on behalf of Guardian Insurance Brokers and may also have referred to Total Insurance Services or Insurance Advisernet Australia when discussing insurance with clients.

The court action was launched after an investigation by ASIC into concerns that Mr Romeo was receiving payments from clients for insurance premiums even though he was not authorised to do so. The regulator is also investigating allegations that in a number of cases, he failed to place any insurance. The matter will be heard further on July 21.