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Fraudman James David Gibbs was jailed for having cheated millions of dollars to vulnerable retirees



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Posted

July 10, 2019 at 13:43:20

A financial advisor who "has taken" vulnerable retirees to scam the savings of his life, worth millions of dollars, has been imprisoned for at least seven years, and the judge described his victim as "cruel."

Key points:

  • Judge Michael Boylan said Gibbs admitted he steals the goals easier
  • Gibbs had full control over the finances of some of his clients
  • The victim Helen Cocks said that Gibbs left her with $ 1,000

James David Gibbs, 51, pleaded guilty to multiple charges of robbery and dishonesty.

The District Court of South Australia heard that it steals money systematically to 30 of its clients, for a total amount of $ 4.8 million.

In his sentence, Judge Michael Boylan said that Gibbs had taken seriously his most vulnerable clients.

"After having heard the statements of the impact of your various victims, I think it is right to describe your crime so cruel," Judge Boylan said.

"Many of them were retired or prepared for retirement, had worked hard and saved throughout their working life with the hope of enjoying a comfortable retirement.

"As you admitted, you have stolen the easier targets, your customers who had put their blind faith and trusted in you.

"It has caused a lot of suffering to many people."

The court found that Gibbs had known his victims for years

Judge Boylan said many of the victims had known Gibbs for years and had earned their trust.

"Your clients, now your victims, have entrusted you with managing your financial affairs, have restored your trust by stealing money and spending them for your own purposes," said Judge Boylan.

The court felt that Gibbs had control of some of its clients with shared portfolios and bank accounts.

"In some cases, he had almost complete control of his affairs," said Judge Boylan.

"They were completely trusted in you, some considered that they were close friends, some of them trusted their advice without any doubt, while stealing their lives systematically."

The court felt that Gibbs had low self-esteem and had begun to offend "save the face" as a result of the global financial crisis.

It was felt during the course of the infringement that Gibbs had returned some money to the accounts of his victim, which meant a net loss for his clients of about 3.5 million dollars.

After allowing a substantial discount for Gibbs' culpability reasons, Judge Boylan sentenced him to 10 years in prison with a probationary period of seven years.

"He took everything we had," victims devastated by fraud

Outside the court, many of the victims expressed their disappointment with the ruling and detailed the devastating impact of their crimes.

"It's not enough for what he has done to the people," said one of the victims, Helen Cocks.

"They devastated us because he only took everything we had, I think he left us with about $ 1,000."

Mrs. Cocks said that Gibbs had stolen everything he had and her husband, including retirement balances and the inheritance he received from his mother-in-law.

"We were only stunned, we could not believe we would do it to people because we already knew him," he said.

"Most of the [victims] I've had a whole life hurt and trying to cope with depression and everything else. "

Another victim, Enver Shabanay, said he lost both houses as a result of the infraction.

"We have trusted him … he is devastating. He destroyed my life," he said.

An old Gibbs employee, Paul Bayly, said he was also shocked and betrayed.

"To see the pain they suffered is so atrocious, you know, to see the stress they have suffered and the financial problems, it's just terrible," he said.

"I thought he was a good friend, as many people did.

"He cheated me, deceived many people, unfortunately, they have suffered enormously."

Themes:

crime and corporate fraud,

courts and trials,

corruption,

right-crime and justice,

Adelaide-5000,

sa,

Australia

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