His sentence includes a non-parole period of six years and six months, which, combined with time served, makes Nugara eligible for release as early as April 2029.

Nugara’s authorisation to provide financial advice was originally suspended in March 2015 before being terminated in October 2016. In April 2023, he was permanently banned from providing financial services.

In handing down the sentence on Thursday, Judge Trevor Wraight said the ongoing and persistent nature of Nugara’s offending was “very serious”.

“As submitted by the prosecution, during the offending period you must have been aware that you were sustaining losses and were unable to repay the victims. Nonetheless, you persisted, luring more victims into trusting you with their life savings only for you to deliberately misuse and lose their money,” Judge Wraight said.

“In all the circumstances your offending can only be described as reprehensible, callous and selfish conduct and in my view your moral culpability is very high.”

In most cases, Nugara convinced victims to transfer their savings or roll over monies held in their superannuation accounts to self-managed superannuation fund (SMSF) accounts he set up and had access to in order to invest in property developments in both Melbourne and Bali.

Some of the victims were unaware that Nugara had access to their accounts when the purported investments were made.

Instead, he used the client funds to fund an extravagant lifestyle over the course of several years, including overseas trips, race cars, boats, and other luxury items, with Judge Wraight attributing the offending as being “motivated by greed and a desire to maintain your lifestyle”.

Nugara pleaded guilty to the charges last week, with Judge Wraight saying that the guilty plea was taken into consideration during sentencing.