Businessman who ‘could sell ice to an Eskimo’ fails jail appeal
A trader who bragged that he was “as good as John Key” and stole from investors to fund a luxurious lifestyle has failed in an appeal against his jail sentence.
Steven Robertson was sentenced to six years and eight months’ imprisonment in the High Court at Auckland in October after being found guilty of theft by a person in a special relationship, obtaining by deception and dishonest use of a document.
As part of the sentence, he was ordered to serve a minimum period of three years and four months’ imprisonment.
Robertson appealed the sentence, saying it was excessive and that the judge should not have imposed a minimum period of imprisonment.
In a ruling released yesterday, the Court of Appeal rejected Robertson’s argument that he should get a discount on his sentence for previous good character, saying this was “weak at best” given the scale of his offending against mostly elderly and vulnerable victims.
Robertson’s lawyer also argued that he should get a “modest” discount on his sentence because of the impact it would have on his 8-year-old son.
“The [High Court] Judge responded to this submission by saying that imprisonment was the inevitable consequence of the decisions Mr Robertson made to offend as he did. No error in this analysis is evident.”
An appeal on the grounds of remorse was also rejected.
“Mr Robertson undoubtedly now regrets what he did, but this is not the same as genuine remorse.”
Further arguments against his sentence were dismissed, including Robertson’s claim that he should get more than four months’ discount because he helped victims recover some of their money.
The Court of Appeal also backed the decision to impose a minimum period of imprisonment.
In all, Robertson stole from 22 victims between 2009 and 2015. They were mostly elderly, retired or approaching retirement, and made net losses of around $1.5 million.
“You painted a glowing albeit false picture of your prowess as a trader, for example telling one investor that you were ‘as good as John Key’,” Judge Sarah Katz said in her sentencing judgement last year. None of the money was traded, and Robertson instead used it to buy expensive cars, travel by private helicopter, go on luxury weekend getaways or overseas holidays in a private jet, and buy expensive jewellery.
In essence, he was operating what the FMA called a $10m Ponzi scheme.
The stories of Robertson’s victims made for sad reading, Justice Katz said. “One complainant described him as being a ‘very persuasive sort of a fella . . . I reckon he could sell ice to an Eskimo’.”