Victims applaud fraudster’s jail
FINANCIAL planner Brad Sherwin, who wiped out his clients’ life savings in a $60 million Queensland collapse, has been jailed for 10 years for defrauding customers.
He must serve at least four years before the possibility of parole, under the ruling handed down yesterday in Brisbane’s District Court.
“You have blighted their lives”, Justice Julie Dick said to Sherwin of his victims.
The sentence comes almost five years after his businesses collapsed in a Ponzi scheme, in a huge scandal for the emerging self-managed superannuation fund sector.
Sherwin, 63, pleaded guilty to 24 counts of fraud between 2009 and 2012 involving clients of his Sherwin Financial Planners.
He also admitted to one count of breaching his duties as chairman of property financier Wickham Securities in 2010.
Sherwin nurtured a loyal customer base of almost 400 clients over decades.
Elderly victims cried when reading witness impact statements in court and broke out in applause as he was led off to jail.