FMA says sentence reflects "egregious harm" caused by adviser
The Court of Appeal has rejected a sentence appeal by Steven Robertson, who fraudulently offered financial adviser services and was convicted of defrauding victims of $2.1 million though buying shares in PTT Limited.
The FMA has welcomed the Court of Appeal’s decision to uphold the six year and eight month imprisonment term, with a minimum term of three years and four months. Robertson was convicted of 38 charges under the Crimes Act 1961, but argued that the sentence was excessive and that a minimum term was unnecessary.
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Robertson appealed for a 10% reduction in his sentence based on previous good character, personal circumstances and remorse. Justices Gilbert, Wylie and Muir rejected the appeal, saying the sentence should be sufficient to hold Robertson accountable.
“The Judge repeated that Mr Robertson had targeted multiple elderly, unsophisticated and vulnerable victims and robbed them of the security and comfort they were entitled to expect in their retirement,” they stated in their judgement.
“The sentence imposed needed to be sufficient to hold Mr Robertson accountable for this harm.”
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The judgement noted that general deterrence from similar actions was a key consideration when deciding on a sentence, as well as the motivation being “pure greed” and “persistent dishonesty over a lengthy period targeting multiple vulnerable victims.”
It also says that there was little evidence of remorse from Robertson, such as an early confession or any effort to make amends with the victims.
“On the contrary, despite the strength of the Crown’s case, Mr Robertson denied his offending to the end,” the judgement said.
FMA general counsel Nick Kynoch says the sentence fairly reflects the charges of which Robertson was convicted.
“This was a significant case given the egregious harm that Mr Robertson inflicted on elderly and vulnerable people, depriving many of a comfortable retirement,” Kynoch said. “Holding this kind of behaviour to account is essential and we welcome the court’s decision.”
