Monetary planner Rio Nugara accused of scamming hundreds of thousands from pals and shoppers

Nugara is facing 35 charges.

Nugara is going through 35 costs.

The court docket heard that in 2014 Nugara was the director of Skynet monetary providers situated on Bay Avenue, Brighton.

On the time he was additionally an authorised consultant of FSP and a member of one in every of Australia’s largest wealth administration suppliers, IOOF.

He had a working relationship with a property developer who purchased land to be developed into luxurious serviced residences. In trade for referring traders, Nugara was to obtain a 5 per cent finder’s payment.

Police allege Nugara then used his place at FSP to alter consumer’s superannuation into self-managed funds, granting himself entry to those accounts, so they might put money into property developments in Malvern, Sandringham, Glen Iris, Kew and Bali.

Between September 2014 and January 2018, police allege he then transferred cash from the accounts of 34 victims into his personal private accounts to make use of for his personal private acquire.

Crown prosecutor Angela Liantzakis stated the 34 victims every misplaced between $150,000 and $3.4 million. A few of them, she stated, had been aged and susceptible, whereas others had been shut pals of Nugara who had attended the christening of his daughter.

Rio Nugara has spent the past three years living overseas.

Rio Nugara has spent the previous three years dwelling abroad.

The court docket heard when Nugara “pulled up stumps” and left the nation in 2019, he left behind a big variety of property, together with luxurious vehicles, which had been later bought off by banks when he didn’t make his repayments.

“He had high-end vehicles, Porches, Audis, a helicopter and boat, sports activities vehicles,” Jurilj stated. “It was a lifetime of luxurious previous to leaving.”

A sports activities racing fanatic, Nugara participated in a few of Australia’s premier motorsport classes, together with the GT Trophy Collection and the Australian Endurance Championships earlier than leaving Australia.

Footage posted on-line present him posing in Versace clothes and ingesting Dom Perignon champagne.

Nugara enjoyed fast cars.

Nugara loved quick vehicles.

In one other he’s pictured together with his household on the Porsche Centre in Brighton, celebrating taking possession of a white 911 Carrera S Cabriolet.

Defence lawyer Georgia Hogg, from Emma Turnbull Legal professionals, argued her consumer needs to be granted bail to stay together with his unwell mom. She stated he had employment prospects as a bicycle salesman if launched.

However Justice of the Peace Andrew McKenna stated, even with strict situations, together with reporting to police day-after-day, it was potential he may nonetheless go away the nation undetected.

McKenna denied bail and ordered Nugara return to court docket in January.

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