Steven Robertson touted his expertise in foreign exchange trading being ‘as good as John Key.’ Over a six year period, Robertson fleeced elderly clients of $1.2 million while supposedly acting as their financial adviser. His six years eight months sentence for fraud was confirmed by the Court of Appeal.
Based in Kumeu, west Auckland, Robertson started in 2009 offering software packages enabling investors to trade in foreign exchange and commodity markets. The software was not easy to use, particularly for Robertson’s primarily elderly clientele. He offered to trade customer money on their behalf. At his subsequent High Court trial for fraud, evidence was given of Robertson using client money to fund a lavish lifestyle: expensive cars, jewellery, frequent travel by private helicopter and overseas holidays with travel by private jet. Some clients were further deceived with offers of investment ‘opportunities’ in companies he owned. Client funds supposedly advanced as an equity investment were instead stolen. Robertson’s theft of $200,000 from one client in his seventies was described as an instance of Robertson recognising the client as being particularly vulnerable and exploiting him shamelessly.
Robertson’s claim to an allowance for remorse was dismissed by the court. He made no prompt confession when confronted by the authorities and made no effort to make amends to victims. Robertson undoubtedly now regrets what he did, said the court, but this is not the same as genuine remorse.
When sentencing, the trial judge gave a five per cent allowance (representing a four month reduction) for Robertson’s written promise to co-operate with authorities in recovering money due to clients. The Court of Appeal dismissed Robertson’s claim this promise was worth more than five per cent. Robertson’s tangled financial affairs, intermingling assets across various companies and trusts, meant the final position is proving difficult to evaluate, even with Robertson’s promise not to challenge legal action underway since 2016 by receivers and the Financial Markets Authority.
Robertson v. R - Court of Appeal (5.06.20)
20.100