Gold Coast adviser Rocco Ferrantino was sentenced to a total of three-and-a-half-years' jail following an ASIC investigation started in 2001.
Ferrantino must serve five months on an 18-month sentence for dishonestly advising clients to rollover their super benefits. The second sentence is a suspended two-year jail term for the harm caused to the swindled clients.
Between February 1998 and July 2001 Ferrantino falsely advised clients their super could be used to buy a house, according to ASIC. The action uncovered reports that 95 investors had up to $1.4 million released to the home loan company.
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