Former insurance broker Craig John Horsell will be sentenced in December after admitting three charges of dishonestly using his position to authorise payments into his personal bank account.

He appeared at Adelaide Magistrates’ Court on Friday and was remanded to appear in the District Court for sentencing on December 17.

Each offence carries a maximum penalty of five years’ jail.

The charges followed an Australian Securities and Investments Commission (ASIC) investigation into Horsell’s time as an employee and director of two insurance brokers – Horsell International Pty Ltd and PSC Horsell Insurance Brokers Pty Ltd – between January 2007 and July 2010.

The court was told the payments relating to the three charges totalled $414,299.

ASIC alleged Horsell acted dishonestly when he authorised the transfer of 89 insurance premium payments into his personal bank account but did not buy the products requested by the clients.

In January ASIC permanently banned Horsell from providing financial services. It said Horsell International had brought his conduct to its attention.