A Melbourne financial planner has been sentenced to five years and three months jail after pleading guilty in the Victorian County Court to five counts of fraud relating to his involvement with Nigerian investment scammers.
Robert Andrew pleaded guilty to five charges of obtaining a financial advantage by deception, involving over $1 million of investors’ money between September 2001 and August 2002.
Street was involved in a ‘Nigerian scam’ where he had been led to believe that a person purporting to be a representative of a Nigerian government committee had offered to transfer US$65 million to Street, upon payment of certain up-front fees.
Street transferred the majority of his clients’ funds to various overseas destinations, believing it would be used to pay the up-front fees, after which time he would receive US$65 million.
This did not eventuate, and now found guilty of obtaining financial advantage by deception Street will be behind bars for at least the next four years, which is the set non-parole period.
Acting chairman of the Australian Securities and Investments Commission (ASIC) Jeremy Cooper said the regulator will continue to pursue those who undermine the integrity of the financial services industry.
“Advisers who deceive clients about the nature and risk of investments must be brought to justice,” Cooper said.
“The jailing of Mr Street should act as a warning to other financial advisers about their duties and responsibilities.”
