Brothers Paul and Richard Blundell, former directors of Sydney-based brokerage Blundell & Associates, have pleaded guilty in the District Court to charges brought by the Australian Securities and Investments Commission.

On May 9 this year Paul Blundell pleaded guilty to three counts of fraudulently omitting to account for nearly $160,000 received from two clients as insurance premiums between April and July 2002.

He will appear before the court for sentencing submissions on July 13. Richard Blundell pleaded guilty last week to four counts of dishonestly obtaining money by deception between May and July 2002.

These four counts relate to more than $8800 received from two clients in response to Blundell & Associates tax invoices that falsely stated insurance policies had been arranged.

Richard Blundell has admitted five other offences totalling more than $8000 that will be taken into account on sentence. He was scheduled to appear before the court for sentencing submissions on June 1.