Fraudster gets five years
A former Coffs Harbour mortgage broker was sentenced to five years jail after being found guilty of defrauding more than $5.8 million from former clients.
Dominic Cincotta was charged with dishonestly obtaining a financial advantage in relation to funds totalling $5.8 million and a further four charges in relation to $690,000.
The charges were brought by the Australian Securities and Investments Commission (ASIC) after it found that between 1998 and December 2004, Cincotta told a number of clients that he would arrange investments with Perpetual Trustees Australia, but instead deposited the funds into accounts controlled by Cincotta, which he used for his own purposes.
ASIC executive director of enforcement Jan Redfern said: “When people invest their funds, they place a high degree of trust in the organisation or individual that facilitates the process. As this outcome shows, those who abuse that trust by deliberately misleading their clients face serious consequences.”
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