Steven Avgouladakis has been sentenced to five years and eight months imprisonment on 18 charges brought by ASIC. He will serve a non-parole period of three years and eight months.
Avgouladakis, 42, appeared yesterday in the Melbourne County Court after pleading guilty on 9 August 2011 to charges of obtaining a financial advantage by deception totalling AUD1,603,500.
The offences relate to representations made by Avgouladakis to investors between July 2008 and May 2009 that he would invest their money on the stock market but actually used the funds largely for purposes other than trading, including to pay purported interest payments to earlier investors and for personal expenses.
The sentence takes into account Avgouladakis’s early guilty plea.
ASIC’s action against Avgouladakis is consistent with its focus on making investors aware of misleading and deceptive conduct, and deterring illegal behaviour.
The Commonwealth Director of Public Prosecutions prosecuted the matter.