Fraudster jailed for $10m ‘premeditated’ crime

Gold markets ‘‘trader’’ Steven Robertson has been jailed for spending millions from investors on jewellery, cars, dining out and mortgage payments.

In May Robertson, 46, pleaded not guilty to 47 charges laid by the Financial Markets Authority in the High Court in Auckland, but in August was found guilty of 23 charges of theft by a person in a special relationship, 11 of obtaining by deception, and four of dishonestly using a document.

Justice Sarah Katz sentenced Robertson to six years and eight months in jail at the High Court in Auckland yesterday.

She ruled he must serve a nonparole period of three years and four months.

In sentencing Robertson, Katz said the Crown case against him was overwhelming, and he used his sales skills to deceive honest clients. His offending was premeditated and prolonged, motivated by greed to fund an extravagant lifestyle and he targeted vulnerable people, particularly the elderly, trusting and financially naive.

Karen Chang, the authority’s head of enforcement, said: ‘‘Many people suffered as a result of dealing with Mr Robertson and we strongly condemn what he did. The sentencing demonstrates the serious consequences for his criminal conduct. We brought this case in part because Mr Robertson was purporting to provide services that would have required him to be an authorised or registered financial adviser. Cases like this can unfairly erode trust in New Zealand’s financial advice sector. We will hold people to account when they fail to adhere to the law.’’

In May, authority lawyer Ben Finn said Robertson and his staff originally sold the investors computer software for trading on the financial markets. Finn said the software required ‘‘some level of expertise by the investors’’ to use, so when they started complaining about difficulties using the software, Robertson offered to invest on their behalf.