Bruce Wickett of Victoria pleaded guilty to three counts of theft totaling $662,198.39 in the Melbourne Magistrates Court yesterday.
Wicket first appeared in court in October last year after he was found to have stolen the money between August 2010 and March 2011. The money represented insurance premiums being held on behalf of 228 clients, and was to be forwarded to various insurance companies for insurance they had provided to the clients of Wickett.
At the time of the offences Wickett was the sole director of Wickett Investments Pty Ltd and Wickett Insurance Broking Pty Ltd, through which he operated his insurance broking business.
Wickett was bailed to appear in the County Court at Melbourne on 18 April. As part of the bail conditions Wicket must surrender his passport to ASIC.
The Commonwealth Director of Public Prosecutions is prosecuting the matter and charges carry a maximum penalty of 10 years imprisonment for each offence under under Section 74 of the Victorian Crimes Act.
How to optimise your referrals
Reform benefits outweigh the costs
Will your clients outlive their superannuation?