A former SA insurance broker’s suspended three-year prison sentence, imposed in 2013, has been activated after further offending.

Craig Horsell breached a good-behaviour requirement by committing a deception offence against a bank from 2015 to 2018.

A court heard he applied for an ANZ credit card and a loan in the name of his cousin, which led to a loss of $74,000 for the bank, according to local media.

“This latest outcome marks the end of a very sorry and long-running chapter for the clients who placed their trust in Mr Horsell many years ago,” Australian Securities and Investments Commission chair Sarah Court said.

ASIC permanently banned Horsell from providing financial services in January 2012, and the next year he was sentenced and fined $75,000 after admitting dishonestly using his position as an employee and director of insurance brokerages.

He diverted 89 client premium payments totalling more than $400,000 into his personal bank account between 2007 and 2010, and he falsified bank statements and cancelled some client policies without their knowledge.

This month, SA District Court judge Ian Press said the more recent deception “was not a momentary lapse of judgment in a moment of weakness. It tends to reveal a willingness on your part to ignore responsibilities when they are inconvenient for you.

“It is also, regrettably, consistent with your actions when you offended in 2007 ... when you showed a willingness to disregard the financial wellbeing of others if it suited your purposes.”

Horsell’s total effective jail sentence is three years, eight months and 10 days.