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A financial advisor deceitfully obtained over $10 million from his clients who believed in his expertise, using the funds to support an extravagant way of life involving luxury cars, yachts, and helicopters.

During a span of five years, Terrence Nugara successfully persuaded 38 individuals to invest substantial amounts of money from their retirement funds into the development of properties that he claimed to be involved with.

He made a promise to them that they would earn a 98 percent profit on their investments, thus they moved their savings into self-managed funds established by Nugara, which he could also utilize.

However, he did not participate in the property projects and rather redirected their funds into his personal bank accounts.

Ultimately, Nugara deceptively acquired or pilfered $10,152,061. 93 from his victims.

On Tuesday at the Victorian County Court, he openly acknowledged his offenses during a plea hearing.

According to Nugara’s lawyer, Mark Sturges, the stolen funds were utilized by Nugara to finance his own substantial personal expenditures, including the purchase of race cars, boats, and a helicopter.

According to the lawyer’s statement, the individual, who is 50 years old, had a strong desire for money and awareness of his impending difficulties, leading him to escape to Costa Rica in 2019.

Nugara’s strategy to recover his losses and repay his debts involved the creation of an online gaming platform in the Central American nation. However, this endeavor ultimately proved unsuccessful.

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