The lawyer for disgraced Dunedin financial adviser Barry Kloogh is arguing his prison sentence and the $5 million reparation order imposed on him are too harsh.
Barry Kloogh. Photo: RNZ / Tess Brunton
Kloogh was jailed for eight years and 10 months earlier this year after defrauding dozens of investors of more than $15m.
He admitted 11 charges brought by the Serious Fraud Office in March.
At his sentencing in the Dunedin District Court in July, victims detailed how he stole and squandered their savings and investments on a luxury lifestyle.
Kloogh's lawyer, Sarah Saunderson-Warner, told the High Court this morning the sentencing judge's starting point for her client's sentence was too high.
Saunderson-Warner also argued Kloogh should have received greater credit for his cooperation with authorities and his victims once the offending was uncovered.
She also said the non-parole period of five years was too harsh.
It was unclear whether the $5m reparation order was made by the sentencing judge.
It was clear the sentencing judge intended to make such an order and he indicated he would be making the order, but there was no record of it found ahead of today's appeal.
Crown prosecutor Robin Bates argued such an order could be made and some payment - even if it was nominal - should be paid to the victims.
He argued that the appeal should be dismissed in its entirety.
A total of 81 victims of Kloogh were identified before his sentencing.
One woman told the court in July that Kloogh stole more than $700,000 from her and her dying husband. She said Kloogh's manipulation included contacting her husband while he was receiving chemotherapy.
The woman said her husband died thinking Kloogh was a trusted friend.
Many victims spoke of Kloogh grooming them through friendship before taking all he could, including KiwiSaver retirement funds.
His companies, Financial Planning Limited and Impacted Enterprises Limited, came under investigation in May last year.
The two companies were placed into interim liquidation in July before formally being placed into liquidation on 29 August by the High Court.
The following month Kloogh had his authorised financial adviser authorisation cancelled by the Financial Markets Authority.
Justice Rachel Dunningham has reserved her decision on the appeal.