Anthony Paul Torre, previously a financial advisor, has entered a guilty plea to serious charges including three counts of stealing and two counts of fraud, involving the misappropriation of $1,030,000 from client accounts, ASIC reported.
The case saw Torre appearing in the District Court of Western Australia, acknowledging his criminal activities that occurred from March 2010 to January 2015.
During the court session on Jan. 28, details of Torre's offenses were discussed, highlighting the extensive period over which the misdeeds were carried out.
Under Western Australia’s Criminal Code, the crimes committed by Torre carry a maximum penalty of seven years imprisonment per offense, with the term extending to 10 years for deceiving individuals aged over 60.
Following his guilty plea, Torre was remanded in custody and is set to remain there until his next court appearance on Feb. 7.
A sentencing hearing for Torre has been scheduled for June 9. The prosecution of this case is being handled by the Office of the Director of Public Prosecutions (Cth), after an investigation and referral by ASIC, which will welcome a new CEO in March.
The seriousness of the allegations and the amount involved highlights the significant breach of trust and the impact on the victims.
Charged in June 2022, Torre faced allegations of stealing approximately $1.882 million from his clients between March 2010 and January 2015, utilising the funds for personal gain.
Originally facing five counts of stealing and eight counts of fraud, the case was set for a trial that was to span from Jan. 28 to Feb. 27, before Torre’s recent guilty plea, reported ASIC, which recently released its 2025 regulatory outlook.
