A Dunedin man who fleeced investors of almost 16 million dollars in a Ponzi scheme has been sentenced to eight-and-a-half years in prison
A Dunedin man who fleeced investors of almost 16 million dollars in a Ponzi scheme has been sentenced to eight-and-a-half years in prison
1 August 2020
The ODT reports disgraced financial adviser Barry Kloogh faces a minimum of five years and four months behind bars after being sentenced at Dunedin District Court.
He earlier this year pleaded guilty to multiple charges stemming from theft from his clients.
Judge Michael Crosbie says he carefully considered the 32 statements from his victims and, to say they were harrowing, would be an understatement.
He says Kloogh's belief that he could pay the money back is "delusional''.
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