A former financial adviser from Perth's western suburbs has been exposed for plundering more than a million dollars from his clients' retirement savings in what a judge described as a gross breach of trust.
Heartbreaking betrayal of elderly clients
Anthony Torre, 57, who operated a financial advisory business in Subiaco while living in Mosman Park, systematically helped himself to $1.03 million from eight customers' hard-earned superannuation funds. Among his victims were elderly couple Sue and Gary Sheehan, aged 77 and 79, who have waited since 2010 to see justice served.
The Sheehans, who were referred to Torre by their accountant of thirty years, said he earned their trust over time. "He would greet us with a hug," Mrs Sheehan told reporters outside court on Monday. She explained that Torre had talked them into providing a large loan and initially paid interest "spasmodically," masking his deception. "He was very good for the first three or four years - we didn't realise that we'd been ripped off," she said.
Her husband was more blunt, stating Torre had "totally groomed" them. "He's a liar, a thief, a forger," Mr Sheehan said.
Devastating consequences of the fraud
The financial ruin forced the couple to rely on welfare and sell assets at a loss. "We had no money ... we were getting $63 a fortnight from Centrelink," Mrs Sheehan revealed. The couple's quality of life deteriorated dramatically. "We couldn't go to the dentist. Couldn't get the eyes fixed. Even getting in the car was an ordeal because you have to put fuel in." Their anguish was compounded when Mr Sheehan suffered a brain tumour during this period.
The pair had to wait until Torre was declared bankrupt in 2016 before they could access their full Age Pension. Prosecutors told the court that Torre used the stolen retirement savings of some clients to reimburse others when pressed, in a scheme described by his own defence counsel, Christian Porter, as "Ponzi-ish." Mr Porter labelled Torre's "loose wheeling and dealing" with clients' cash "a money-go-round."
A case of 'greed rather than need'
Judge John Prior noted that about two-thirds of the stolen funds had been repaid, either by Torre himself or through superannuation fund insurers. However, the emotional and physical toll on victims remained severe. The court heard victims were left with anxiety, depression, distrust, and feelings of humiliation, with some developing physical symptoms including hypertension.
In a stark contrast to their suffering, Torre splashed much of the stolen cash on his home and personal expenses. Prosecutor Jennifer Solliss told the District Court of Western Australia that this was a clear case of "greed rather than need," noting his crimes were not driven by gambling or drug addictions common in other fraud cases.
Defence counsel Mr Porter conceded his client's actions represented an "undeniably a serious matter" and a "gross breach of trust." He argued Torre did not initially set out to defraud his clients but believed he could "trade his way out" of financial trouble. His repayments showed a "very strange mentality of trying to make good on the immorality and wrongfulness" of his white-collar crimes, Mr Porter said.
The Australian Securities and Investments Commission (ASIC) began investigating Torre in 2018, with charges following in 2022. In a last-minute plea deal on what was to be the first day of his trial in January last year, Torre pleaded guilty to two counts of fraud and three counts of stealing. He has been in custody since and is scheduled for sentencing on Thursday.
The Sheehans believe other victims were too embarrassed to come forward, suggesting the prosecuted case is merely "the tip of the iceberg." Torre was initially accused of stealing $1.88 million before the charges were finalised.
