Former director of Wickett Investments, Bruce Lawrence Wickett, pleaded guilty to three charges of theft in the County Court of Victoria in February 2013.
An ASIC investigation revealed that between August 2010 and March 2011, Mr Wickett had retained money paid by 200 clients for insurance premiums for himself rather than passing the funds on to the relevant insurance companies.
According to ASIC, Mr Wickett sent the money overseas to a person with whom he had formed an online relationship.
He will serve a minimum of eight months in jail before becoming eligible for parole.
He has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
