A Melbourne broker is one of the latest to be caught up in the Australian Securities and Investments Commission crackdown.

Duncan Howarth has pleaded guilty in the Melbourne Magistrates Court to using fictitious insurance policies to back $1.4 million of loans for him and seven clients.

His company, Presidential Financial Services, received about $97,000 in fees and commissions as part of the deception.

The offences took place between May 2004 and June 2005. Mr Howarth will face a plea hearing on February 28 next year.