Approved
financial adviser Andrew Hrothgar Robinson was sentenced to six years jail for
theft after stealing $2.69 million from clients of his company Strategic
Planning Group Ltd.
Justice Muir described the thefts as premeditated,
serious and sophisticated in the way Robinson used plausible explanations to
have clients transfer funds out of their own accounts into his trust account
from where funds were stolen between March 2010 and December 2012. He targetted elderly clients, using guest
lecture presentations at the likes of the University of the Third Age to gain
introductions.
About twenty per cent of the money stolen was
used to pay business and personal expenses, with the balance stolen to cover
client losses. Robinson said he was too
afraid to tell clients about investment losses.
Handling client monies became akin to a Ponzi scheme. One client was robbed to pay another. The true state of each client’s individual
investment accounts was hidden by issuing false investment and portfolio
reports. Thirteen clients, both
individuals and trusts, were affected with sums invested ranging between
$43,000 and $500,000.
R. v.
Robinson – High Court (17.05.15)
15.081