Former Melbourne broker Bruce Wickett has been sentenced to 18 months in jail for stealing more than $660,000 of clients’ premiums and sending the money overseas to someone he met online.

He admitted three charges of theft after the Australian Securities and Investments Commission (ASIC) found he stole $662,198.31 between August 2010 and March 2011.

The 69-year-old operated his broking business as the director of Wickett Investments and Wickett Insurance Broking.

ASIC Deputy Chairman Peter Kell says Wickett’s actions left clients without cover and could have exposed them to losses.

“Putting individuals at risk… by blatantly stealing money for personal benefit will not be tolerated”, Mr Kell said.

Wickett sent the money to someone with whom he had developed an online relationship, ASIC says.

The County Court of Victoria ruled he should serve a non-parole period of eight months.