A Victorian former insurance agent and broker has pleaded guilty to two counts of dishonesty following an investigation by the Australian Securities and Investments Commission (ASIC).

Kalman Gradman worked as an intermediary from December 2001 to July 2004 under the trading names Gradman Insurance and Icon Insurance Agencies.

ASIC alleges that Mr Gradman – who it banned from working in financial services for life – engaged in dishonest conduct in relation to a financial product in the course of carrying on a financial services business in Victoria from April 2002 to August 2004.

The regulator says that during the investigation he was found to have received premiums from clients and premium funders but failed to pass them on to the insurer within the time limits. He was also accused of falsely stating the contracts were in force when they were not, and misappropriating premiums held in trust.

ASIC also alleges Mr Gradman falsely obtained insurance premium funding from CGU Premium Funding.

He will reappear in the Melbourne County Court next March.