'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.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.