Adelaide mortgage broker Malcolm Royce Jones jailed for $170K theft
An Adelaide mortgage broker who stole $170,000 from a client has been jailed for more than two years.
Malcolm Royce Jones, 52, pleaded guilty to charges including attempted deception.
District Court Judge Jack Costello said it was possible more charges might be laid, but he could sentence Jones only for the offending in September 2012.
The court heard Jones was trying to keep his clients happy by diverting funds from new investors to help pay the commitments of other clients affected by the global financial crisis.
It was told when Jones worked for the firm Eastern Equity he secured a mortgage with a falsified signature and helped other clients who had stopped servicing their loans
Judge 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 of two years and five months.
Jones will be eligible to seek parole at the end of next year.
