Former WA adviser imprisoned for $1m super theft, fraud
Former financial adviser, Anthony Paul Torre, has been sentenced to six years imprisonment by the District Court of Western Australia, after he pleaded guilty to three counts of stealing and two counts of fraud related to the “misappropriation” of $1.03 million in clients’ superannuation funds.
Following an Australian Securities and Investments Commission (ASIC) investigation, it was initially alleged that Torre had stolen, or – with the intent to defraud – taken, approximately $1.882 million from his clients for “his own benefit” between March 2010 and January 2015. After the matter was referred to the Office of the Director of Public Prosecutions (Cth), Torre was charged with five counts of stealing and eight counts of fraud.
He pleaded guilty to five charges in total, his victims including a couple both over the age of 60 who had $500,000 stolen and another man over the age of 60 who had $150,000 stolen.
“Mr Torre betrayed the trust of his clients and left many of them financially devastated,” ASIC Deputy Chair, Sarah Court, said.
“The sentence imposed by the Court demonstrates the seriousness of the financial harm Mr Torre caused his clients and sends a clear message that misconduct predicated on trust will not be tolerated.”
As a result of the conviction, Torre has been automatically disqualified from managing companies for five years. Under WA’s Criminal Code, the maximum penalty for fraud is 10 years if the individual that was deceived is aged over 60 years, while each stealing offence draws seven years imprisonment each.
“This was a gross breach of trust… The victims entrusted you with some of their life savings, their superannuation’s funds, which they’d worked hard for over the years and were hoping to utilise or enjoy in their retirement,” Judge Prior said when handing down the sentence.
“The victims in each case were vulnerable because you had easy access to their money and they trusted you as a professional financial advisor… I find your offending was due to a combination of greed, incompetence and arrogance.
“I must impose a sentence that will deter other professionals such as financial advisors who might be minded to think that they can use their client’s money inconsistently and against their clients’ instructions and authorities.”
Torre’s sentence was backdated to 29 January, the day after he pleaded guilty to the five charges, and he will be eligible for parole in four years.
only took 25 years