Former insurance broker Craig John Horsell will be sentenced in Adelaide on February 11 after admitting three charges of dishonestly using his position to authorise payments into his personal bank account.

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

The charges followed an Australian Securities and Investments Commission (ASIC) investigation into Horsell’s work with Horsell International Pty Ltd and PSC Horsell Insurance Brokers between 2007 and 2010.

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

Payments relating to the three charges totalled $414,299.