‘Greed, incompetence and arrogance’: Adviser jailed for stealing $1m in super

In handing down the sentence, Justice Prior characterised Torre’s conduct as a “gross breach of trust” concerning vulnerable clients.

“The victims entrusted you with some of their life savings, their superannuation’s funds, which they’d worked hard for over the years and were hoping to utilise or enjoy in their retirement,” he said.

“The victims in each case were vulnerable because you had easy access to their money and they trusted you as a professional financial advisor... I find your offending was due to a combination of greed, incompetence and arrogance.”

Torre’s victims included a couple over the age of 60, who were defrauded of $500,000. He also stole $150,000 from a man over the age of 60, ASIC said. As a result of his conviction, Torre was automatically disqualified by ASIC from managing companies for five years.

ASIC deputy chair Sarah Court said the criminal conviction reflected the seriousness of Torre’s conduct and sent a clear message to financial advisers thinking of exploiting clients’ trust for personal financial gain.

“Torre betrayed the trust of his clients and left many of them financially devastated,” she said.

“The sentence imposed by the Court demonstrates the seriousness of the financial harm Mr Torre caused his clients and sends a clear message that misconduct predicated on trust will not be tolerated.”

Justice Prior echoed this sentiment, highlighting the importance of deterring this type of conduct within Australia’s financial system.

“I must impose a sentence that will deter other professionals such as financial advisors who might be minded to think that they can use their client’s money inconsistently and against their clients' instructions and authorities.”

Torre was charged with five counts of stealing and eight counts of fraud in June 2022. It was alleged that he obtained approximately $1.882 million from clients and used funds from client accounts for his own benefit.

He pleaded guilty to five charges on 28 January 2025. His six-year imprisonment was backdated to commence on 29 January 2025, and he is set to be eligible for parole after serving four years.