The District Court of Western Australia sentenced former financial advisor, Anthony Paul Torre, to six years imprisonment, backdated to commence on 29 January 2025. Torre will be eligible for parole after serving four years of his sentence.
Torre was sentenced in relation to three counts of stealing and two counts of fraud resulting in the misappropriation of a total of $1,030,000 of clients’ superannuation funds during the period March 2010 and January 2015, contrary to sections 378 and 409 of the Criminal Code (WA). Torre pleaded guilty to these offences on 28 January 2025, the day his trial for these offences was due to commence.
Torre’s victims included a couple over the age of 60 who were defrauded $500,000 and another man over the age of 60 who had $150,000 stolen.
ASIC deputy chair Sarah Court said Torre betrayed the trust of his clients and left many of them financially devastated.
“The sentence imposed by the court demonstrates the seriousness of the financial harm Mr Torre caused his clients and sends a clear message that misconduct predicated on trust will not be tolerated,” she said.
When handing down the sentence, Judge John Prior said in his ruling “this was a gross breach of trust”.
“The victims entrusted you with some of their life savings, their superannuation’s funds, which they’d worked hard for over the years and were hoping to utilise or enjoy in their retirement,” he said.
“The victims in each case were vulnerable because you had easy access to their money and they trusted you as a professional financial adviser. I find your offending was due to a combination of greed, incompetence and arrogance.
“I must impose a sentence that will deter other professionals such as financial advisors who might be minded to think that they can use their client’s money inconsistently and against their clients’ instructions and authorities.”
As a result of Torre’s conviction, he is automatically disqualified from managing companies for five years.
The matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) following an investigation and referral by ASIC.
In June 2022, Torre was charged with five counts of stealing and eight counts of fraud pursuant to sections 378 and 409 of the Criminal Code.
It was alleged that between March 2010 and January 2015, Torre stole, or with intent to defraud obtained, approximately $1.882 million from his clients. It was alleged that Torre used funds from his clients’ accounts for his own benefit.
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.
