The New Zealand Supreme Court has turned down an appeal made by gold fraudster Steven Robertson of Prosper Through Trading (PTT) to reduce his non-parole period after he was sentenced in October of 2019 to a minimum of three years and four months in jail.
The former gold markets trader was sentenced to a total of six years and eight months in prison after being found guilty of 23 charges of theft by a person in a special relationship, 11 charges of obtaining by deception, and four charges of dishonestly using a document.
The charges were brought against Robertson, who was not a registered financial adviser, by the FMA in May 2019.
Instead of promising to invest money in gold and commodities, Robertson spent approximately $1.5 million of his investors' money on jewellery, cars, dining out, renovations, and mortgage and business expenses. Most of his 22 victims were retired or approaching retirement.
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