A “shallow†Melbourne bank manager stole millions of dollars from clients and spent the cash on Porsches and dozens of luxury watches.
Former Bank of Melbourne manager Andi Lee stole $4.2 million from customers using fake term deposit accounts between 2015 and 2019.
“The more admiration you received from others the more you became caught up in the lifestyle you had adopted,†Victorian County Court Judge Frances Hogan said on Friday.
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The 39-year-old lived a “shallow life†with the consuming desire to appear successful to those around him, she said.
Lee used fake term deposits to scam customers into thinking they were investing safely but instead funnelled the cash into accounts he and associates controlled, including his ex-wife and sister.
He put some money back into the clients’ accounts to trick them into believing their money was accruing interest.
But the stolen cash went on two Porsches worth almost $300,000 – he kept one for himself and gave the other to his girlfriend – while another $377,000 was used to buy 26 “rare†luxury watches that helped to enhance Lee’s image with those around him.
Lee later told a mental health professional he was glad the truth came out.
“I don’t care if I lose everything,†he said.
His lawyers told the court he was remorseful, had pleaded guilty early and his disadvantaged background in part motivated his crimes.
It was a “spectacular fall from grace†for the former bank manager who had started volunteering for Ronald McDonald House, Judge Hogan said.
“You were driven by an insatiable need to look successful and appear to be wealthy,†the judge said.
The disgraced bank manager pleaded guilty to three counts of obtaining financial advantage by deception.
He was jailed for seven years and eight months but will be eligible for parole after serving three years and ten months.
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