Victims of a fraudulent financial advisor say they were forced to survive on just $63 a fortnight and and fell into depression after being “groomed” to hand over large sums of their savings.
Some of the people duped by Anthony Paul Torre, 57, were in court today as he was ordered to spend six years in prison in a sentence they said was not long enough.
The sentencing judge said Torre, who had pleaded guilty to stealing and fraud offences totalling $1,030,000, was driven by “greed, incompetence and arrogance”.
Perth financial advisor will serve four years before being eligible for parole.Â
 (ABC News)
Judge John Prior said Torre had stolen from people who considered him a friend in a “gross breach of trust”, and his actions were “totally against the professional and fiduciary duties you owed to the victims”.
The court heard that Torre had encouraged people to put money from savings and superannuation funds into projects he said he was putting together, including a property proposal in Derby which did not eventuate.
He had “easy access to their money” and used it for personal expenses, and to pay other investors, under the guise of “interest”.
Judge Prior said the offending — between 2010 and 2015 — was “persistent” and not isolated or opportunistic.
Financial advisor admits stealing $1 million from clients’ superannuation funds
Torre only stopped after ASIC began investigating in 2018, and he was charged in 2022.
While most of the eight individual victims had recovered lost funds from Torre, and from third parties, some had got nothing back.
Loss of sleep, depression
Judge Prior said they had lost the opportunity to benefit from their investment in superannuation funds, and victims suffered from loss of sleep, anxiety, and depression, and now had “significant” trust issues.
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The judge said he found it difficult to consider that he was remorseful because he had changed lawyers a number of times, and had pleaded guilty just as he was about to go on trial in 2025.
When Torre pleaded guilty to five charges in early 2025, others were dropped, including claims involving Stephen and Wendy Walker.
Speaking outside court, Mr Walker said Torre had groomed and then betrayed him.
Anthony Paul Torre was sentenced in Perth’s District Court. (ABC News: Jack Stevenson)
“I very nearly took my own life,” he said.
“He’s damaged so many people, it should have been 10 years.
“We will be on a pension or a part pension which I’m not proud of.”
Wendy Walker said Torre had encouraged the couple to sell a beach house, and give him the money to invest, which he never did.
Wendy and Stephen Walker were victims of Anthony Paul Torre. (ABC News: Dave Weber)
They said they estimated they’d lost hundreds of thousands.
‘Crazy time for us’
Gary and Sue Sheehan, who were included in the charges Torre admitted to, had to redraw from their mortgage for living expenses.
“I got empty boxes for Christmas wrapped up so the grandchildren thought I was getting a prezzie,” Ms Sheehan said.
“It was crazy, absolutely crazy time for us, and in the meantime, Gary’s had a year’s recovery from a brain tumour.”
Sue and Gary Sheehan speak outside court in Perth. (ABC News: Dave Weber)
She said that at one point, they were living on $63 a fortnight, and their “fridge was empty”.
Ms Sheehan said she was relieved it was over but thought Torre’s sentence should have been at least eight years.
“We will think of him in the very hot days in that little hot box that he’s in now,” he said.
Torre must serve four years before being eligible for parole.
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