A Melbourne man has appeared in court on fraud charges relating to more than $5 million of premiums.

The Australian Securities and Investments Commission (ASIC) brought charges against former EBS Holdings director Timothy John McKenzie in March, alleging that between December 2003 and August 2004 he used his employer’s bank accounts to receive insurance premiums for cover he arranged.

ASIC claims Mr McKenzie falsely told a client who was leasing computer and electronic equipment it owed $3.5 million in insurance premiums to Lloyd’s. The cover was allegedly not underwritten or was substantially different to what the client believed it was purchasing.

Mr McKenzie is also alleged to have raised about $1.1 million through a website he created for businesses seeking computer insurance. ASIC claims he told clients insurance policies were underwritten by Hollard Insurance or Lloyd’s, when they were not.

Mr McKenzie was committed to appear in the Melbourne County Court for a case conference on July 24.