Failed investment adviser Barry Kloogh has broken his silence, saying he has filed for personal bankruptcy and he was aware he had betrayed people's trust.
Kloogh filed papers for his personal bankruptcy yesterday.
Two companies of which Kloogh was sole director, Financial Planning Ltd and Impact Enterprises, were placed into liquidation in August. The first report by the Official Assignee put the sum owed to clients at $12 to $14 million.
"I feel deeply for those who have been affected by my actions. I had no intention for them to go through this," Kloogh said.
"They are good, decent people ... I always had faith in my abilities to rise above the situation as it was.