Scammer Terence Nugara pleads guilty to 38 counts of obtaining financial advantage by deception

A former race car driver and fraudster duped dozens of investors and spent three years on the run overseas before he was busted.

Brighton financial planner Terence Nugara fleeced his investors’ money. Picture: Supplied

A former Australian GT championship driver who was a Brighton financial planner turned fraudster splurged $10.2 million of investors money on his lavish lifestyle.

Terence Nugara, 50, promised his clients, who included family friends, a return of up to 98.93 per cent on their investments into Melbourne property developments within two years.

Dozens of mum-and-dad investors dipped into their savings and superannuation accounts to take advantage of the real estate boom and his too good to be true offer.

But they did not know the Skynet Financial Services director was duping them and that the luxury developments which he had showed them photos and building plans of did not exist.

Nugara is a former Australian GT championship driver.

He duped dozens of investors and spent millions on his lavish lifestyle.

Instead, he used their hard-earned cash to purchase sports cars, a helicopter and a boat.

When questions began to be asked about where their money was, Nugara fled overseas.

The father of one boarded a plane in August 2019 — a year after he was crowned the 2018 Australian GT Trophy class race winner.

He spent three years on the run, travelling to Bali, Mexico, Canada, Costa Rica, Singapore and Sri Lanka, where he was born.

Nugara used investors’ cash to purchase sports cars, a helicopter and a boat. Picture: Supplied

Police swooped to arrest the conman at Melbourne airport when he tried to quietly slip back into the country to see his family in October.

Detectives claimed Nugara did not appear surprised to see them waiting with handcuffs.

On Monday, Nugara fronted Melbourne Magistrates Court via videolink from Port Phillip Prison where his lawyer, Georgia Hogg, revealed the case had resolved.

Nugara, who was known in motorsport circles as Rio Nugara and also had minor acting roles in 2002 films Scooby Doo and Counterstrike, was facing 66 charges.

But in a plea deal with the prosecution, he pleaded guilty to 40 charges, including 38 counts of obtaining financial advantage by deception and two counts of stealing money.

The remaining charges were struck out.

Asked by magistrate Kieran Gilligan how he pleaded to the charges, Nugara said: “I plead guilty, your honour.”

Court documents show his sophisticated fraud saw him pocket $10.2 million between 2014 and 2018.

Detective Senior Constable Branka Jurilj, from Victoria Police’s fraud squad, told an earlier hearing how Nugara’s crimes have had a “catastrophic” impact on his victims.

Many of them are likely to never see their money again.

Nugara will face a pre-sentencing hearing in the County Court in September.