Victorian broker Bruce Wickett will be sentenced on Friday for stealing more than $660,000 of clients’ money.

Last week Wickett, of Frankston, formally pleaded guilty in the County Court to three counts of theft. He was remanded in custody.

He stole premiums from 228 clients instead of sending the money to insurers, the Australian Securities and Investments Commission says.

The money was stolen between August 2010 and March 2011. At the time of the offences Wickett was sole director of Wickett Investments and Wickett Insurance Broking.

The charges under section 74 of the Victorian Crimes Act carry a maximum penalty of 10 years in jail for each offence.