Terence Nugara: Financial planner slammed by victims of $10m rort

A Brighton financial adviser has been confronted in court by dozens of investors left in financial ruin after he swindled more than $10m from them to bankroll his lavish lifestyle.

Terence Nugara, 50, conned 38 clients, including family friends and mum-and-dad investors. Picture: Supplied

A Brighton financial adviser has been confronted in court by dozens of investors left in financial ruin after he swindled more than $10m from them to bankroll his lavish lifestyle.

Terence Nugara, 50, conned 38 clients, including family friends and mum-and-dad investors, into buying into bogus luxury property developments in Melbourne and Bali, promising returns of up to 98.93 per cent.

The former Skynet Financial Services principal instead splurged their money on luxurious items including a helicopter, a boat and sports cars.

Dressed in a grey prison tracksuit, Nugara was seated in the dock of the County Court on Tuesday, behind more than 20 of his victims, some of whom read out victim impact statements detailing how they had been left financially devastated.

One elderly woman said she was persuaded by the “smooth talking” conman into investing hundreds of thousands from her retirement savings into a development after she was shown plans and photos.

“You are a selfish greedy little man, I don’t know how you sleep at night or live with yourself,” she told the court.

The Brighton financial adviser swindled more than $10m from investors to bankroll his lavish lifestyle. Picture: Supplied

Another man said he and his wife had been forced to sell their Bayside home and move into a rental in Geelong after they lost $800,000 from their super.

He said having 40 years worth of their retirement savings stolen had added “unimaginable stress” to their 45-year long marriage and they felt embarrassed and ashamed for falling for the con.

Between October 2014 and January 2019, Nugara convinced his victims to transfer $10,152, 061.93 from their super or savings into self-managed super funds after promising huge returns on property developments in Malvern, Kew, Glen Iris, Sandringham and Bali.

Nugara, who had access to the accounts and knowledge about legitimate developments through his working relationship with a property developer, then transferred the money into his own accounts.

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

In one instance, Nugara convinced a long-term client to invest more than $1m into an apartment complex in Sandringham, providing him with building plans for the non-existent development.

When the client visited the property and found the original building had not been demolished, the father-of-one made up excuses saying there were delays due to VCAT objections.

As questions continued to mount from investors about where their money was in August 2019, Nugara fled overseas — a year after he was crowned the 2018 Australian GT Trophy class race winner.

As questions continued to mount from investors about where their money was in August 2019, Nugara fled overseas. Picture: Supplied

Nugara, who pleaded guilty to 37 charges of obtaining financial advantage by deception and two charges of theft, spent three years on the run, travelling to Bali, Mexico, Costa Rica, Panama, Nicaragua, Sri Lanka and Singapore.

His lawyer Mark Sturges said his client tried to start an online gaming platform in Costa Rica before he was kidnapped and extorted in Mexico while he tried to find investors.

He later became aware of an arrest warrant after visiting the Australian embassy but eventually returned in October last year where he was arrested at Melbourne Airport.

Mr Sturges told the court Nugara got into financial trouble in 2015 and hoped to repay debts with the fraudulent transactions.

He said Nugara’s offending was “motivated by greed” and he was “naive to the extreme” for believing he could recoup his losses through fraud.

“It left a trail of destruction,” he said.

“It was wilful blindness on his part … (that) there would not be detection.”

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

The court heard many of Nugara’s victims had yet to be repaid because his assets had been sold prior to his arrest.

He has been behind bars since his arrest and will be sentenced next week.