An insurance broker appeared at the Melbourne Magistrates Court last week to face dishonesty charges following an investigation by the Australian Securities and Investments Commission (ASIC).

ASIC investigated the conduct of Duncan Howarth and his brokerage, Presidential Financial Services, based in Ringwood.

It alleged that between May 2004 and June last year Mr Howarth acted dishonestly by obtaining premium funding for seven clients and his family company JJG Investments even though they had not taken out relevant contracts with insurers.

ASIC alleges that Mr Howarth and Presidential Financial Services received $97,275 in fees and commissions from the firms for arranging the premium funding loans. He will reappear in court in October.