Four
and a half years jail and a $75,000 reparations order imposed on former
Financial Markets Authority analyst Benjamin Kiro for fraud were upheld on
appeal to the High Court.
Returning from Australia with New South
Wales police about to file nineteen fraud charges against him, Kiro then
proceeded to deceive the FMA with a false CV, rip off victims by falsely
representing he was working for a major financial instution and steal money
from women met though on-line dating sites.
The High Court was told victims lost a total of $187,765. Kiro used fake documents offering investment
opportunities in initial public offerings.
The bait was a chance to get in at the ground floor with indications of
juicy returns; up to $29,800 for every $10,000 invested. Fictitous investment schedules were handed
over, printed on the forged letterheads of reputable institutions, creating an
illusion funds had been safely invested.
Kiro spent the money. Investors
wanting their money back were told there were delays while money-laundering
protocols were dealt with. He failed to
attend promised meetings when victims were trying to get hold of him.
Justice Wylie said the sentence was not
manifestly excessive given the offending was cynical and calculated involving a
large number of vulnerable victims.
Kiro
v. R. – High Court (11.07.16)
16.109