A former broker accused of misusing clients’ money is to appear in court again in April before trials scheduled to begin in February next year.

The Australian Securities and Investments Commission has made 18 charges against Renato De Maria, the former sole director of Alliance Insurance Broking Services, related to alleged misuse of about $35 million of client money between July 2016 and April 2021.    

ASIC has permanently banned Mr De Maria from providing any financial service.  

At a directions hearing in the County Court of Victoria on Friday, the matter was formally set down for three separate trials.  

Directions hearings were scheduled for April 15 and September 17, and the start date for all three trials is set for February 22 next year.

Mr De Maria, who has been bailed, has pleaded not guilty to charges he issued inflated insurance premium invoices to corporate customers and misused money held in trust accounts.  

ASIC has previously said Alliance Insurance Broking Services – which was sold to PSC for $24.5 million in September 2021 – invested millions belonging to clients in “an arm’s length investment arrangement”, enabling Mr De Maria, from Melbourne, to borrow funds to be “misused ... for his personal benefit”.

It is alleged withdrawals were authorised that were ultimately transferred back to Mr De Maria and that for years he used his position dishonestly to “gain advantage for himself”.