Melbourne lawyer, Philip Linacre, jailed over $12 million Ponzi scheme
A Melbourne lawyer who conned clients out of more than $12 million in a Ponzi scheme has been jailed for 12 years.
The Supreme Court heard Philip Linacre, 62, was a trusted legal adviser who convinced trusting clients to hand over money to invest.
The scheme began in 2000 when Linacre was under significant financial pressure and continued until he turned himself in 12 years later.
The court heard clients gave funds to Linacre which he said would be given to a third party as a loan and were secured by mortgages.
Investors were promised between a 12 and 24 per cent return on their investment.
But Linacre was instead stealing the money and using it to pay out the interest on other clients' investments.
The court heard many of Linacre's clients were family and friends seeking his help in difficult times.
One of the victims was an elderly woman who had recently lost her husband.
"Regardless of the sheer amount of money you stole, the impact on the victims has been debilitating," Chief Justice Marilyn Warren said in sentencing.
"You did not only steal money from your victims, you robbed them of their future."
Chief Justice Warren said Linacre's actions hurt the entire legal profession.
"You have acted in a despicable way, preyed on those who trusted you, and undermined the faith the community have in lawyers," he said.
Linacre, who pleaded guilty to 21 counts of dishonesty and five of having a deficiency in a trust account, must serve a minimum of eight years' jail.
