Former broker Craig Horsell has been fined $75,000 after admitting dishonesty charges.

He was also sentenced by Adelaide District Court to three years’ jail, but released immediately on a three-year good behaviour bond.

Horsell pleaded guilty in November to three charges of using his position to authorise payments into his personal bank account.

He took a total of $414,299.87, transferring 89 insurance premium payments from clients into his account but not buying the products they ordered, an Australian Securities and Investments Commission (ASIC) investigation found.

The payments occurred between September 7 2007 and July 23 2010, when the former broker was an employee and director with Horsell International and PSC Horsell Insurance Brokers.

“The sentencing of Mr Horsell, and his previous banning from providing financial services, should serve as a deterrent to any financial adviser tempted to deceive their clients or otherwise act dishonestly,” ASIC Deputy Chairman Peter Kell said.

Horsell was permanently banned from providing financial services in January.

Horsell International and PSC Horsell have recovered all outstanding funds and no client has faced any financial loss, ASIC says.