The court heard one of his clients lost what would be worth up to $2.5 million today had her shares been invested the way she had intended.
A former Brisbane stockbroker who swindled people out of millions of dollars has been sentenced to 11 years’ imprisonment.
Describing Halligan as a “master manipulator”, Cook said the broker had dishonestly applied his clients’ shares - some of which were Suncorp Bank, Macquarie Bank and Wesfarmers shares - to his own use, and if he had not done that, they would have been of “substantial value” by the time he was caught in 2020.
Throughout the offending, stretched across 12 years until 2020, Halligan reassured his clients and produced documents to suggest their money was secure. He wrote a letter to the Australian Securities and Investment Commission, where he spoke of loss-making “high-risk trades” made with his own money, but this was, as Judge Brad Farr said, a risk he took himself.
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