Coffs con man gets five years
COFFS Harbour conman Dominic Cincotta was sentenced to five years jail in Sydney yesterday.
Former mortgage broker Cincotta, 54, pleaded guilty to seven charges of fraudulent misappropriation and dishonestly obtaining a financial advantage involving $5.8 million at the District Court on October 18 last year.
Another five charges relating to $690,000 were taken into account.
Mr Justice Blackmore SC in the Downing Centre District Court made a number of other sentences to run concurrently adding up to a total of five years.
Justice Blackmore read a list of 12 names of those Cincotta had defrauded as clients including Dr Barry Landa, a member of the prominent Sydney Landa family.
The judge told how after Cincotta's business as a customs agent employing 20 employees had failed he moved to Coffs Harbour in the 1990s.
He had carried out mortgage broking and investing for a firm called Morgan Brooks of Brisbane.
Cincotta also told investors he was putting the money into Perpetual Trustees Australia Limited.
In 2002 he sent more than $2 million to a company in Hong Kong where for a short time the money earned 16 per cent interest before he lost contact and the money.
Justice Blackmore said he promised large returns and his investors became his friends.
Cincotta was purportedly investing with Perpetual Trustees in accounts including one in the name of his former wife, Patrice Cincotta (the two have separated) and in the name of ACN.
The judge took into account his age 54 and that by pleading guilty Cincotta had avoided a six to eight week trial.
He lived with his mother and brother in Sydney.
He had made some repayments and lost all his own investments.