Brighton financial planner Terence Nugara accused of $9m fraud

A Brighton financial planner is accused of funding a luxury life with sports cars, boats and choppers by fleecing mum-and-dad investors of $9m.

Prosecutors allege Terence Nugara deceived 34 mum-and-dad investors.

A Brighton financial planner allegedly ripped off $9m from investors including family friends to purchase sports cars, a helicopter and a boat before police say he fled overseas when they became suspicious.

Terence Nugara, 49, was arrested at Melbourne Airport on Tuesday night following his three-year overseas stint that included time in Bali, Mexico, Canada, Costa Rica, Singapore and Sri Lanka.

During a bail application at Melbourne Magistrates’ Court on Wednesday, prosecutors alleged Mr Nugara deceived 34 mum-and-dad investors into buying into bogus luxury property developments across Melbourne.

The court heard between 2014 and 2018 the alleged victims, including family friends and the elderly, invested $9,094,405 from their savings and superannuation funds after Mr Nugara promised them huge returns on property developments in Malvern, Kew, Glen Iris and Sandringham.

Mr Nugara flaunted his lavish lifestyle on social media.

Mr Nugara has been charged with $9m in fraud offences.

But the accused conman, who is facing 35 charges of obtaining financial advantage by deception, allegedly spent the money on luxurious items including a helicopter, a boat and a former Grand Prix racing car.

On social media Mr Nugara flaunted his lavish lifestyle, posing aboard yachts and in front of a Porsche 911 Carrera S Cabriolet — valued at more than $300,000.

Mr Nugara, who also had minor acting roles in films including Scooby Doo, was a director at Skynet Financial Services and allegedly convinced his clients to change their superannuation funds into self-managed super funds so they could invest in property.

It’s alleged he conned investors into allowing him access to their super accounts so he could invest their money into projects which he had knowledge about through his working relationship with a developer at Werden Property Group.

Police allege Mr Nugara fled overseas when his clients became suspicious. Picture: Supplied

In one instance, Mr Nugara allegedly convinced a man to invest more than a $1m from his super and a bank loan for a Malvern development before transferring $50,000 to his own account.

Detective Senior Constable Branka Jurilj told the court Mr Nugara fled to Bali in August 2019 after his alleged victims became suspicious and started making inquiries about where their money was going.

“The impact this has had on them has been catastrophic,” she said.

Police allege Mr Nugara’s assets including his home were sold off or recuperated by creditors after he failed to pay mortgage repayments following his departure from Australia.

An Interpol notice alerted Australian police Mr Nugara had spent time in Bali, Mexico, Canada, Costa Rica, Singapore and Sri Lanka before his return to Melbourne on Tuesday night.

Ms Jurilj said the accused conman didn’t seem surprised during his arrest and told investigators he’d returned to Australia to be with family.

She said the $9m remained unaccounted for and there were possibly more victims after a further $2.9m passed through Ms Nugara’s accounts.

Mr Nugara was denied bail after magistrate Andrew McKenna found he posed an unacceptable risk of absconding.

He will reappear at Melbourne Magistrates’ Court on January 18.