Dishonored financial advisor Barry Kloogh to appeal prison sentence

A disgraced financial adviser who embezzled more than $ 15 million of his clients’ money will appeal his prison sentence.

Barry Edward Kloogh, 57, was sentenced to eight years and ten months in prison on a series of dishonesty charges, which ran for 25 years, when he appeared in Dunedin District Court in July.

Judge Michael Crosbie imposed a minimum period without parole of five years and four months.

The Justice Ministry confirmed this morning that Kloogh had filed an appeal that would be heard in Dunedin High Court in December.

At sentencing, six of Kloogh’s former clients, many of whom considered him a friend, read statements about the victim’s impact, detailing the immense pain the breach had caused.

One woman said she felt she had been “groomed” before her funds were deliberately and systematically stolen.

A man with incurable cancer had his life savings taken away.

The court also heard from a couple who wanted to build a house to support their special needs son, whose dreams had been thwarted by Kloogh’s Ponzi scheme.

Some of the stolen cash was used to pay unwitting customers, but much of it went to a lavish lifestyle of traveling abroad, luxury cars, and expensive clothing.

Judge Crosbie rated Kloogh’s crime as one of the worst of its kind.

The defendant received credit for his early plea, for cooperating with investigators and for participating in restorative justice meetings with 13 investors.

The judge ordered Kloogh to pay a $ 5 million reparation.