An insurance broker pleaded guilty today to three counts of theft totalling more than $660,000 of client’s money.

Bruce Wickett of Frankston, Victoria, who was the sole director of Wickett Investments Pty Ltd and Wickett Insurance Broking Pty Ltd at the time of the offences, appeared in the Melbourne Magistrates Court and pleaded guilty to three counts of theft totalling $662,198.39 between August 2010 and March 2011.
The stolen funds were insurance premiums being held on behalf of 228 clients and was to be sent onto various insurance companies for cover provided to Wickett’s clients.

Wickett had previously appeared in court in October last year when he was charged and today was bailed appear in the County Court in April for a plea hearing. He was required to surrender his passport as part of the bail conditions.

The Commonwealth Director of Public Prosecutions is prosecuting the matter and the charges carry a maximum penalty of 10 years imprisonment for each offence under under Section 74 of the Victorian Crimes Act.