Former insurance broker Craig John Horsell appeared in Adelaide Magistrate’s Court last week on 88 charges of dishonestly using his position.

The charges follow an Australian Securities and Investments Commission (ASIC) investigation relating to when Mr Horsell was 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.

ASIC alleges that between September 7 2007 and May 4 2010 Mr Horsell authorised the transfers of 88 insurance premium payments from clients totalling $414,299.87 into his bank account, but did not buy the insurance requested.

The matter will return to court on September 11.

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

The two brokerages have recovered all outstanding funds from Mr Horsell and all insurance covers have been placed or reinstated so no client faced any financial loss.