Two former directors of collapsed broker Preston Whiteside will be sentenced in January.
Paul Newton and Matthew Walker have both pleaded guilty to fraudulent trading. A confiscation hearing will also be held.
The men were alleged to have defrauded policyholders of £3.5m.
The Serious Fraud Office investigation has spanned three years.
Broker John Walker, 57, of Penicuik, was this week jailed for four years and 10 months after admitting fraud of more than £10.9m at an earlier hearing.
Walker fraudulently told policyholders he had placed cover with reputable insurers when he had not. Tribune Risk and Insurance Services was liquidated on 10 December 2003.
