Former Perth adviser pleads guilty to $1m theft
A former Perth financial adviser has pleaded guilty in court to stealing $1 million from his clients for his own benefit.
Anthony Paul Torre appeared in the District Court of Western Australia on 28 January and pled guilty to three counts of stealing and two counts of fraud, resulting in the misappropriation of $1,030,000 of client funds.
The offences are alleged to have been committed between March 2010 and January 2015 where it was alleged that Torre stole or, with the intention to defraud, obtained $1.88 million from his clients with the intent to use it for his own benefit.
He had first been charged with the offences on 17 June 2022 and later pled not guilty for all charges on 13 July 2023. The matter was then adjourned for a trial in January 2025 which was scheduled to run until 25 February 2025.
On 29 January 2025, Torre was remanded in custody until the next court date on 7 February 2025; a sentence hearing has been set for 9 June 2025.
Under the Criminal Code (WA), the maximum penalty for each offence of stealing is seven years’ imprisonment, and for fraud seven years’ imprisonment or 10 years if the person deceived is aged over 60 years.
The matter is being prosecuted by the Office of the Director of Public Prosecutions following an investigation and referral by ASIC.
AUTHOR
Laura Dew
Recommended for you
The FAAA is set to launch an initiative next week to boost adviser numbers, offering support for Professional Year candidates and their supervisors.
Advice licensee Centrepoint Alliance could be more open to a proportional takeover bid after shareholders rejected a special resolution around takeover provisions.
Global private markets firm Partners Group has appointed a client solutions manager to strengthen its service offering across Australia’s southern states.
An aging profession and impending adviser exodus are fuelling a shift in the advice practice landscape, according to Adviser Ratings’ latest report, while internal restructuring prompts adviser redistribution.
