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An Adelaide broker has been jailed for more than two years after being found guilty of stealing $170,000.
The ABC reported that Malcolm Royce Jones, 52, was given a 29-month sentence by the district court after pleading guilty to charges including attempted deception.
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Mr Jones told the court last month that he used money from new clients to help existing customers meet their mortgage repayments.
He argued that he had wanted to give some of his investor clients a “payments holiday” because they had struggled to make their mortgage repayments after being hit hard by the GFC.
The court heard Mr Jones secured a mortgage with a falsified signature and helped other clients who had stopped servicing their loans, according to the ABC.
Judge Jack Costello accepted Jones had not retained any of the money for himself but said the breach of trust was too serious to consider suspending the prison sentence, the ABC said.
The incident took place in September 2012.
Mr Jones will be eligible for parole at the end of 2015, although Judge Costello said more charges might be laid.
Prosecutor Peter Longson told the court in May that “further criminal conduct” had been identified during police interviews.
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