A victim of financial fraud has revealed the devastating impact of being swindled by his adviser, expressing that he nearly ended his life upon discovering the betrayal.
Anthony Paul Torre, aged 57, has been handed a six-year prison sentence for misappropriating $1,030,000 from eight clients over a span of five years, from 2010 to 2015.
The funds were used to sustain Torre’s lavish lifestyle and support his struggling business. During sentencing at the District Court in Perth, it was highlighted that Torre’s actions were driven by greed, arrogance, and a lack of competence.
Among the victims are Stephen and Wendy Walker, who described Torre as a cunning manipulator who gained their trust before absconding with their money—funds they are yet to recover.
Outside the court, Mr. Walker spoke emotionally about his ordeal, stating, “I very nearly took my own life.” He continued, “He was like a friend to me. Perhaps I was naive, but he was always there to discuss our future plans… only to be stealing from us in the end.”
“He was like a friend to me. Maybe I’m naive, but he was always there to talk about where we’re going in our life … and then at the end of the day, he’s stealing from us.”
Torre’s “betrayal” forced Mr Walker, 68, to delay his retirement.
“We will be on a part-pension, which I’m not proud of,” he said, fighting back tears.
“It’s damaged so many people. It should have been 10 years (jail).”
In sentencing, Judge John Prior said Torre’s conduct was deceptive and persistent, but “not particularly sophisticated” and a large sum of the money was taken to repay other clients.
“Your conduct is very serious,” he said.
“You stole money or defrauded people who trusted you … some were your friends.
“The victims in each case were vulnerable because you had easy access to their money.”
Torre robbed his victims of opportunities and financial security, the court was told, with some suffering physical and mental health impacts.
Prior was also critical of Torre’s guilty plea on the day his trial was set to begin, three-and-a-half years after he was charged following an investigation by the Australian Securities and Investments Commission.
“There has been significant procrastination by you that had a significant impact on your victims,” he said.
Sue and Gary Sheehan invested their superannuation with Torre after retiring from their careers as an aged care worker and a cabinet maker.
Torre lured them into an investment worth hundreds of thousands of dollars using a fake loan document.
“He had our lump sum, so we had no money for three years,” Ms Sheehan, 77, said outside court.
“We were living on $63 a fortnight from Centrelink.
“It was just absolutely demoralising.
“We were forced to withdraw from our mortgage to live.”
The couple said while some of the money Torre stole from them was recovered, they remained out of pocket by a significant sum, although the court heard they had received about $900,000 in repayments and compensation.
Torre was originally accused of stealing about $1.88 million from his clients, but this was reduced to just over $1 million after a plea deal.
All but $289,000 of that was repaid by Torre or recovered from insurers, the court was told.
He admitted three counts of stealing and two counts of fraud.
Mr Walker, a tradesman, said his and his wife’s case was among the accusations dropped by prosecutors in the plea deal.
“A lot of people have not got any money back at all,” Mr Walker said.
Torre will be eligible for parole after serving four years, backdated to January 29, 2025, when he was taken into custody.
