A Perth financial adviser has been jailed following an ASIC investigation, which found he defrauded investors of more than $1.5 million over a five year period.
Antonio 'Tony' Pisano was sentenced to four years and eight months imprisonment after pleading guilty in the Perth District Court to eight counts of fraud, amounting to approximately $1,537,735.00.
The 47 year-old will serve a minimum of two years and eight months.
Following its investigation, ASIC alleged Pisano defrauded investors between June 1996 and July 2001. He used the funds for personal purposes while he was a director and shareholder of Pisano Enterprises Pty Ltd, which traded as Pisano Financial Services.
Pisano Financial Services was placed into external administration on February 10, 2004.
The sentence serves as a reminder that individuals who abuse positions of trust and authority and misuse investors' funds face serious consequences, ASIC's executive director of enforcement Jan Redfern said.
"Many of those who invested with Mr Pisano were trusting local residents who were simply seeking investments for their money which would be of great importance to them later in life." She said.
At the time, Pisano was a councillor and deputy mayor of Gosnells City Council.
