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Regulatory

Former adviser pleads guilty to $1m theft

A former financial adviser from Western Australia has pleaded guilty to five charges related to misappropriating $1.03 million of client funds.

Anthony Torre was charged with five counts of stealing and eight counts of fraud in June 2022 following an ASIC investigation; Torre entered a plea of not guilty for all charges on 13 July 2023, with the matter consistently been adjourned since.

On January 28, he appeared in the District Court of Western Australia and pleaded guilty to three counts of stealing and two counts of fraud.

It was alleged that Torre stole or intended to defraud approximately $1.88 million from his clients between March 2010 and January 2015 for his own benefit.

There is still over $800,000 unaccounted for, ASIC said.

According to ASIC, the former adviser used falsified credentials on LinkedIn and claimed that he was working for Brigg Macadam, with the firm later stating that Torre was never an employee.

As a result of his pleas, Torre is remanded in custody until February 7 and a sentence hearing has been set for June 9.

The matter is currently being prosecuted by the Office of the Director of Public Prosecutions following the referral by ASIC.

In WA, the maximum penalty is seven years imprisonment for each offence of stealing and fraud, with the latter to be penalised for 10 years if the person deceived is aged over 60 years.

Read more: ASICAnthony TorreDistrict Court of Western AustraliaBrigg MacadamOffice of the Director of Public Prosecutions