Kloogh sentenced to prison
Kloogh, who ran Breathe Financial Planning and Impact Enterprises, had his offices raided by the Serious Fraud Office in May, after a tipoff by the Financial Markets Authority.
Kloogh admitted 11 representative charges, including obtaining by deception, forgery, theft by a person in a special relationship and issuing false statements.
The 57-year-old ran a Ponzi scheme for more than 20 years. It is understood he had 162 victims, of which a handful read victim impact statements in court.
Serious Fraud Office director Julie Read said: “Mr Kloogh exploited the trust and goodwill of his clients to misappropriate at least $15.7 million. His selfish and criminal actions have destroyed people’s retirement plans and jeopardised their financial wellbeing. Such offending erodes trust in our financial system. The prosecution of such matters is a priority for the SFO.”
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