'Reprehensible' former Melbourne adviser sentenced over $10m theft
A former Melbourne financial adviser, who pled guilty to stealing $10 million from his clients to spend on boats and helicopters, has been sentenced in a Melbourne court today.
Terence ‘Rio’ Nugara pleaded guilty to 37 charges of obtaining financial advantage by deception and two charges of theft last week.
While working as a financial adviser at Skynet Financial Services between 10 October 2014 and 9 January 2019, Nugara falsely represented to clients that he was developing properties from which they would receive high returns.
In most cases, clients were convinced to transfer their savings or roll over money held in their self-managed superannuation fund (SMSF) to invest in these bogus properties in Melbourne and Bali.
It is alleged he used client funds over several years for his own purposes, spending it on luxury overseas trips, race cars, boats and helicopters.
In sentencing remarks in the County Court of Victoria today (5 October), Judge Trevor Wraight described Nugara as “reprehensible”.
“In all the circumstances your offending can only be described as reprehensible, callous and selfish conduct, and in my view your moral culpability is very high.
“The persistence of your offending is also, in my view, very serious. As submitted by the prosecution, during the offending period you must have been aware that you were sustaining losses and were unable to repay the victims. Nonetheless, you persisted, luring more victims into trusting you with their life savings only for you to deliberately misuse and lose their money.”
He was sentenced to nine years and 11 months’ jail, and Judge Wraight ordered him to serve six years and six months before becoming eligible for parole.
He was permanently banned by ASIC from providing financial services in April 2023.
AUTHOR
Laura Dew
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
