Former Adelaide-based insurance agent Dominic (Don) Romeo has pleaded guilty in the Adelaide Magistrates Court to charges arising from an Australian Securities and Investments Commission (ASIC) investigation.

The regulator alleges Mr Romeo – who operated the unlicensed financial services business Arkaba Insurances – received premiums from clients between February and May last year without passing them on to insurers. ASIC alleges he deposited the premiums in an Adelaide bank account for his own use.

ASIC has already permanently banned Mr Romeo from providing any financial service.

He will be sentenced next Wednesday.