An American man living in Australia on a working visa has been jailed for scamming retirees out of about $3 million.
The District Court heard Richard Ayoub, 53, used money entrusted to him by investors to buy Bitcoin, instead of putting it into bonds in the US and Japan.
Judge Robyn Tupman said Ayoub profited from a scam that conned retirees into investing in fake bonds by people posing as well-known financial institutions, mostly via fake websites.
She said Ayoub did not instigate the scam, but he was heavily involved in it and offended for financial gain.
"He did not commit these offences for need, he committed them for greed," she said.
"A number of gullible people have lost considerable amounts of money they will never recover."
The court heard Ayoub's victims were mostly aged in their 70's and 80's, who invested their life savings and superannuation funds.
He lived in "expensive accommodation" at the Finger Wharf in Woolloomooloo, shopped at Gucci and paid private school fees for his son, the court heard.
The Commonwealth Bank became suspicious of a $500,000 transaction in April 2021 and froze Ayoub's personal account and the account of his company, Radhanite Pty Ltd.
Ayoub was arrested in November 2021 and pleaded guilty to proceeds of crime offences after 21 victims came forward.
Judge Tupman described Ayoub as a "conman" who lied in his evidence, but discounted his sentence by 25-per cent due to an early guilty plea.
She sentenced him to up to two-and-a-half years jail, with a non-parole period of 18 months, noting he was previously also convicted of bank fraud in the US.
Wearing prison greens, Ayoub appeared in court via video from jail and showed little emotion as his sentence was handed down.
