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This table is intended to be used as a guide only. Individual cases should be read if they are to be relied upon. 

 

Fraud - by Accountant / Financial Advisor

See list of offences and penalties at end of table

Case
(age if known)

Offence and Max PenaltiesAmountPleaOriginal SentenceAppealRecordFacts

Sellen

(1991) 57 A Crim R 313

NSWCCA

16 x s.178A (NSW) [7y]

 

Sched:

6 x s.178A

$1.25mPG

MT 7y

AT 1y

AA

MT 5y 6m

AT 2y 6m

NilChartered accountant - offences occurred over five years - money used to finance business, family and personal expenses.

Smith

(31)

NSWCCA

19.3.1992

s.178A (NSW) [7y]$13,500VG

MT 15m

AT 15m

ADNil

Accountant / tax agent – victim was elderly widow – abuse of trust

Financial difficulties

Law

NSWCCA

7.10.1993

24 x s.176A (NSW) [10y]$180,000PG

MT 2y 6m

AT 18m

AD Insurance broker overcharged premiums or kept premium and arranged no cover over 3y 8m.

Page

NSWCCA 22.11.1993

12 x s.178A (NSW) [7y]$750,000VG

MT 3y

AT 1y

ADNilDoctor promised to invest client's money but spent it on racehorses.

Pisani-Rossi

(45)

NSWCCA

11.7.1994

s.178A (NSW) [7y]

 

s.178BB (NSW) [5y]

 

Sched:

2 similar offences

$200,000PG

MT 2y 3m

AT 9m

ADNil

Accountant and financial adviser deposited money for investments in own account - falsely provided receipts as to investment

No repayments

Sneddon

(50)

NSWCCA

2.8.1994

14 x s.178A (NSW) [7y]

 

Sched:

Offences unstated

$870,000PG2y PD

Crown AD

Manifestly inadequate, but in discretion sentence not increased

Nil

Accountant - offences occurred Sept 82 - Feb 86 - facts not clear

All money repaid - rehabilitation strong - extraordinary delay between arrest and sentence.

Begley

NSWCCA

2.9.1994

4 x s.178A (NSW) [7y]

 

Sched:

2 x s.178BB

$38,750PG

MT 18m

AT 6m

AA

to take into account pre sentence custody

false pretencesSelf-employed marine broker exchanged boats and kept excess money from transaction.

Megas

NSWCCA 12.10.1994

19 x s.178A (NSW) [7y]

 

Sched:

30 x s.178A

$2,762,796PG

MT 6y

AT 3y

AA

to adjust form of sentence

NilFranchisee tax agent and financial adviser used client's money to pay extraordinary dividends promised to investors over two and a half years - $1.6m outstanding.

Baker

NSWCCA

4.8.1995

7 x s.178A (NSW) [7y]

 

s.178A (NSW) [7y]

$254,585

$34,925

PG

MT 4y 9m

AT 5m

AA

MT 3y 9m

AT 1y 5m

 Accountant - 8th offence committed on bail for earlier offences.

Allen

(77)

NSWCCA

20.11.1996

7x s.178A (NSW) [7y]$117,276PG

MT 1y 1m 16d

AT 4m 15d

AD 

Accountant – victims included longstanding female friend

Severe health problems – community and war service

Wratten

NSWCCA

16.12.1996

8 x s.178A (NSW) [7y]

 

s.178BA (NSW) [5y]

$500,000+PG

MT 4y 6m

AT 18m

AA

MT 3y

AT 2y

nil

Insurance and investment adviser misappropriated client money over four years.

Some money repaid

Crowl

NSWCCA

10.7.1997

7 x s.178BA (NSW) [5y]

 

5 x s.178A (NSW) [7y]

$937,584VG

MT 3y

AT 1y

ADNilAccountant misappropriated money received from clients for investment.

Cincotta

(39)

NSWCCA

8.8.1997

11 x s 178A (NSW) [7y]

 

 

 

 

s.178A (NSW) [7y]

$68,510

 

 

 

 

 

$159,510

PG

 

 

 

 

 

VG

2y

NPP 16m

s.11

(comp - $68,510)

 

4y

NPP 3y

 

Total:

4y 11m

NPP 3y 11m

AA

(to delete compensation condition of s.11 bond – same effective gaol sentence imposed)

Nil – subsequent offence breached bail

Agent for insurance company – stole money over 3.5 years – as financial advisor stole money from elderly clients

Imposition of compensation condition on bond inappropriate in view of financial circumstances and length of prison term

De Souza

[2001] NSWCCA 94

4 x s.300(2) (NSW) [10y]

 

15 x s.178A (NSW) [7y]

 

s.178BA (NSW) [5y]

 

Sched:

66 similar offences

$1.5mPG

MT 4y

AT 3y

ADprior record for fraud offencesInsurance agent defrauded 23 clients over 5 year - vulnerable victims.

Burke

(41)

[2002] NSWCCA 353

39 x s.178BA (NSW) [5y]

 

11 x s.300(2) (NSW) [10y]

$4,490,563

$923,150

PG

(20%)

10y

NPP 7y 6m

ADdishonesty offencesInvestment advisor and insurance broker – failed to invest client money - 26 investors involved - unauthorised withdrawals of money invested - 6 year period - gross breach of trust

Strano

(61)

[2002] NSWCCA 531

17 x s.178BB (NSW) [5y]$937,024VG

8y

NPP 5y

AA

(parity)

6y

NPP 3y 9m

Nil

Investment adviser acting as agent for third person - arranged short term investment loans over 2 years- no actual knowledge of falsehood of statements but disregard as to truth - gross breach of trust

Some restitution made - serious medical problems for wife - favourable prospects of rehabilitation - parity with co-offender in Qld

Weir

(55+)

[2003] NSWCCA 204

4 x s.178A (NSW) [7y]

 

s.300(2) (NSW) [10y]

 

s.178B (NSW) [1y]

 

Sched:

15 x s.178A

4 x s.178B

5 x s.300(1)

3 x s.300(2)

Over $1m

PG

(25%)

7y

NPP 4y

ADPrior convictions for fraud – breached CSO

Female - accountant took money from clients for purpose of investment – breach of trust over prolonged period

Gambling - remorse

Higgins

[2006] NSWCCA 38

3 x s.1041G (Cth) [5y]

 

15 x s.178A (NSW) [7y]

$1,702,527PG

8y

NPP 5y

ADOld fraud offenceInvestment adviser – well planned offences committed over 5 years – serious breach of trust

Mitchell

(45 at sentence)

[2006] NSWCCA 72

13 x s.178BA (NSW) [5y]$302,099

PG

(25%)

8y

NPP 5y

AA

5y

NPP 3y 2m

 

Accountant for charity organisation stole money over three years – not sophisticated scheme – breach of trust

No restitution - remorse

Valentine

(37)

[2007] NSWCCA 23

3 x s.300(2) (NSW) [10y]

 

Sched:

2 x s.300(2)

$924,454.99

PG

(25%)

4y 9m

NPP 2y 9m

AD 

Financial advisor stole from clients over two years – forged signatures, alerted document and diverted mail

Ellis discount – financial difficulties

Hare

(37-39)

[2007] NSWCCA 303

14 x s.178BA (NSW) [5y]

 

Sched:

12 x s.178BA

Approx $2m

PG

(25%)

5y

NPP 3y 3m

Crown ADNil

Took money from friends and associates to invest in share trading – no money invested – offences committed over 2.5y with 6 victims

Cocaine, alcohol and gambling addiction – hardship of imprisonment on autistic son – good prospects of rehabilitation

P Blundell

(38)

[2008] NSWCCA 63

 

Co-offender:

R.BLUNDELL

3 x s.178A (NSW) [7y]$146,000

PG

(25%)

18m

NPP 9m

ADLimited

Insurance brokerage business – stole money from clients provided to pay for insurance

Married with children – delay – evidence of rehabilitation

R Blundell

(42)

[2008] NSWCCA 92

 

Co-offender:

R.BLUNDELL

4 x s.178BA (NSW) [5y]

 

Sched:

3 x s.178BA

s.178A

s.178BB

$16,920.39

PG

(25%)

18m

NPP 6m

AA

400h CSO

Nil

Insurance brokerage business – took money from clients and failed to pay insurance premiums

Delay

Braun

(28)

[2008] NSWCCA 269

6 x s.1041G (Cth) [5y]

 

2 x s.300(1) (NSW) [10y]

 PG

3y 3m

NPP 2y 5m

AA

2y 8m

NPP 1y 8m

Nil

Share trader for company managing investment accounts – steadily lost money – made up false reports for investors to hide losses – made two groups of false instruments purporting to evidence transactions – no training and no supervision – no financial gain – repeated and persistent offending over 14 months - $1.2m invested – losses 'very large sums of money'

Remorse – prior good character

Giourtalis

[2013] NSWCCA 216

49 x 29D (Cth) [10y]

 

7 x Attempt 29D

 VG

9y

NPP 6y 3m

AD Accountant – during 1998 - 2001 arranged for preparation of false tax returns, having them lodged electronically by another accountant who was a registered tax agent and retaining refunds received from the Taxation Office – clients generally unsophisticated members of Greek community who came to offender for assistance for financial affairs - some clients did not authorise offender to prepare tax returns – others authorised returns but details false

McKittrick

(65-66)

[2014] NSWCCA 128

4 x s.178BA (NSW) [5y]

 

Sched:

10 offences

Net loss of $1,095,314

PG

(25%)

6y 6m

NPP 5y

AA

6y 6m

NPP 4y

 

Female – took money from persons promising to invest – failed to do so

Poor health – delay

Significance of general deterrence to white collar offences

Clinton

[2018] NSWCCA 66

(74)

7 x s 192E(1)(b) (NSW) [10y]

 

s.178BA (NSW) [5y]

 

s.254 (NSW) [10y]

 

Sched:

19 offences

$299k

PG

(30% plea and assist)

Total:

5y 8m

MPP 3y 9m

ADDishonesty

2008 - 2014 – joint criminal enterprise with co-offender - acting as business adviser, obtained personal and financial details from clients seeking finance – passed information to co-offender - used to submit fraudulent applications to financial institutions – obtained credit card accounts and loans, created number of businesses and obtained business banking accounts – obtained over $1 million - $299,000 to offender - repetitive and regular offending involving sophisticated and planned acquisition of credit cards, personal loans and mortgage funds - below mid-range

Age – ill-health

Aguis

(68)

 

 

 

 

 

 

 

 

 

Castagna

(71)

 

[2018] NSWSC 1248

Adamson J

Consp s.29D (Cth) [20y]

 

s 135.4(3) (Cth) [10y]

 

Consp s.400.3 (Cth) [25y]

 

 

 

Consp s.29D (Cth) [20y]

 

s 135.4(3) (Cth) [10y]

 

Consp s.400.3 (Cth) [25y]

$2.6m

VG

 

 

 

 

 

 

 

 

 

 

VG

similar offences committed similar period

 

 

 

 

 

 

 

 

nil

2y 3m

 

 

4y 3m

 

 

4y 3m

 

Total

7y 6m

 

2y

 

 

3y 6m

 

 

4y

 

Total:

7y

NPP 4y

 

Conspiracy committed over 11 years 1998-2009 – agreement to conceal income of C from Tax Commissioner using foreign companies and bank accounts – deliberate, calculated dishonesty for financial gain – proceeds offence committed over four years – involved transfer of tax funds under guise of loans – lengthy delay

A – accountant – sentenced for similar tax offences committed in overlapping period (new non-parole period imposed for total sentence) – some medical conditions

C – respected financial specialist

Last updated: 13.8.2018

 

Tables of Offence

OffenceSectionActMaximum Penalty
Larcenys.117Crimes Act 1900 (NSW)5 years
Steal, embezzle or for fraudulent purpose destroys etc whole or part of valuable securitys.134Crimes Act 1900 (NSW)5 years
Larceny by clerk or servants.156Crimes Act 1900 (NSW)10 years
Embezzlement by clerk or servants.157Crimes Act 1900 (NSW)10 years
Falsification of accounts by clerk or servants.158Crimes Act 1900 (NSW)5 years
Agent misappropriates money entrusted to him or hers.165Crimes Act 190010 years
Trustee fraudulently disposes of propertys.172Crimes Act 190010 years
Director of company or member of body corporate fraudulently appropriate property of company or body corporates.173Crimes Act 1900 (NSW)10 years
Director falsifies books with intent to defrauds.175Crimes Act 1900 (NSW)10 years
Cheat or defraud as director or member of body corporate or public companys.176ACrimes Act 1900 (NSW)10 years
Fraudulent misappropriation of money collected or receiveds.178ACrimes Act 1900 (NSW)7 years
Pass valueless cheque with intent to defrauds.178BCrimes Act 1900 (NSW)1 year
Obtain valuable thing by deceptions.178BACrimes Act 1900 (NSW)5 years
Obtain valuable thing by false or misleading statements.178BBCrimes Act 1900 (NSW)5 years
Obtaining credit by frauds.178CCrimes Act 1900 (NSW)1 year
Obtain property by frauds.179Crimes Act 1900 (NSW)5 years
Dishonestly by deception obtain property or financial advantage or cause financial disadvantages.192ECrimes Act 1900 (NSW)10 years
Corruptly receive or solicit commission or rewards.249BCrimes Act 1900 (NSW)7 years
Forging wills.271Crimes Act 1900 (NSW)14 years
Make false instrument / use false instruments.300 (1) & (2)Crimes Act 1900 (NSW)10 years
    
Obtains valuable thing from Commonwealth by false pretencess.29ACrimes Act 1914 (Cth)5 years
Imposition on Commonwealths.29BCrimes Act 1914 (Cth)2 years
Defraud Commonwealths.29DCrimes Act 1914 (Cth)10 years
Conspiracy to Defraud Commonwealths.29D / s.86(2)Crimes Act 1914 (Cth)20 years
Steal, fraudulently misappropriate or fraudulently covert to own use Commonwealth propertys.71(1)Crimes Act 1914 (Cth)7 years
Conspiracy to defrauds.86ACrimes Act 1914 (Cth)20 years
    
Officer of corporation providing false informations.564(1)Companies (NSW) Code2 years
    
Open account / operate account in false names.24(1) / 24(2)Financial Transactions Reports Act 1988 (Cth)2 years
Conduct transactions to avoid reporting requirementss.31Financial Transactions Reports Act 1988 (Cth)5 years
    
Make false / misleading statement in support of claim for Commonwealth benefits.62(1)National Health Act 1953 (Cth)5 years
    
Fraudulently omitting to account for deposits.88(a)(i)Property, Stock and Business Agents Act 1941 (NSW) (since repealed)10 years
Fraudulently convert property to own uses.88(b)(i)Property, Stock and Business Agents Act 1941 (NSW) (since repealed)10 years
    
Being reckless and failing to discharge duties as director in good faith and in the best interests of the companys.184(1)(a)Corporations Act 2001 (Cth)5 years
Being intentionally dishonest and failing to discharge duties as director in good faith and in the best interests of the companys.184(1)(b)Corporations Act 2001 (Cth)5 years
A director, other officer or employee uses position dishonestly with intention of directly or indirectly gaining advantage for themselves or someone else, or causing detriment to corporations.184(2)(a)Corporations Act 2001 (Cth)5 years
A director, other officer or employee uses position dishonestly reckless as to whether the use may result in themselves or someone else directly or indirectly gaining an advantage or causing a detriment to corporations.184(2)(b)Corporations Act 2001 (Cth)5 years
Being privy to fraudulent altering of books of companys.590(1)(c)(iii)Corporations Act 2001 (Cth)2 years
Authorise issue of prospectus with material omissions.996(1)Corporations Act 2001 (Cth)5 years
Disseminating information knowing it was false in a material particular, and which was likely to induce purchase of sharess.999Corporations Act 2001 (Cth)5 years
Dishonest conduct in course of carrying on a financial services businesss.1041G(1)Corporations Act 2001 (Cth)5 years - increased to 10 years
Make materially misleading statement likely to induce person to acquire financial productss.1041E(1)Corporations Act 2001 (Cth)5 years - increased to 10 years
Make or authorise misleading statement in document required for purposes of Corporations Laws.1308(2)Corporations Act 2001 (Cth)2 years
    
Officer knowingly or recklessly failed to act honestly in exercise of power and discharge of dutiess.232(2)Corporations Law (Cth)5 years
An officer or employee of a corporation must not, in relevant circumstances, make improper use of his or her position as such an officer or employee, to gain, directly or indirectly, an advantage for himself or herself or for any other person or to cause detriment to the corporation.s.232(6)Corporations Law (Cth) 
    
Theft from Commonwealth entitys.131.1Criminal Code (Cth)10 years
Obtain financial advantage by deceptions.134.2Criminal Code (Cth)10 years
Dishonestly intend to gain or cause loss to Commonwealth entitys.135.1Criminal Code (Cth)5 years
Conspiracy to defraud Commonwealth entitys.135.4Criminal Code (Cth)10 years