The Australian Securities and Investments Commission has obtained final orders in the Federal Court against former insurance agent Domenic Romeo of Fullarton, South Australia. He has been prevented from conducting business using the name Arkaba Insurances and from receiving premiums.

And Mr Romeo is no longer able to arrange insurance unless he obtains an Australian financial services licence or acts as an authorised representative.

The court ordered him to pay damages of more than $37,000 to former clients in relation to payments received for insurance policies that were not put into effect.