Former Westpac banker David St Pierre jailed over $4 million fraud
February 9, 2017
A ROGUE Westpac banker who fraudulently loaned millions of dollars to elderly pensioners has been jailed for six months.
David St Pierre, 46, was sentenced at Southport District Court on the Gold Coast for his role in a multi-million dollar Ponzi scheme that fell apart after a 30-year mortgage was granted to a 98-year-old dementia patient.
The court heard St Pierre colluded with the director of an investment firm to produce fake income documents for 11 clients — mostly pensioners — in order to obtain them loans.
The money from the loans was then invested in the firm after the clients had been promised returns of 12 to 20 per cent.
In total nearly $4 million in loans was obtained from Westpac with $3.28 million being lost when the firm was liquidated in February 2011.
The former Westpac home finance manager pleaded guilty to three counts of dishonestly using his position to gain advantage.
The court heard St Pierre’s final victim was a 98-year-old woman with advanced dementia living in an aged care home.
St Pierre used six fake documents to falsely show she earned $3,700 per month, allowing her to be granted a $450,000 loan of which $440,000 was subsequently invested in the company.
Crown prosecutor Bruce Mumford QC said St Pierre’s actions were “calculated and determined” and that he knew the people obtaining loans couldn’t repay them.
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