The director of a Melbourne property company has been sentenced to more than four years' jail for dishonestly using investors' money and wiping out their life savings.
Anthony Nicholls, 63, has been sentenced to four years and six months jail to serve a minimum of three years for misappropriating more than $750,000.
Nicholls appeared in the Victorian County Court on Friday after pleading guilty in May to three charges of dishonestly using his position as a director of Zantholls International Pty Ltd and Peton Properties Pty Ltd to misappropriate the money from investors.
Victorian County Court Judge Jane Patrick said Nicholls' serious offending had resulted in people losing their entire life savings and future security.
"Mr Nicholls had placed multiple nails in the coffin of a terminally ill business and his moral culpability was high," Judge Patrick said.
It follows an investigation by the Australian Securities and Investments Commission (ASIC).
Zantholls was deregistered by ASIC in April, 2009 and Peton Properties was placed in liquidation in 2007, owing creditors more than $4 million.