Disgraced financial adviser Barry Kloogh to appeal prison sentence

Barry Kloogh. Photo / ODT

A disgraced financial adviser who embezzled more than $15 million of his clients' money will appeal his prison sentence.

Barry Edward Kloogh, 57, was sentenced to eight years 10 months' imprisonment on a raft of dishonesty charges, which took place over 25 years, when he appeared in the Dunedin District Court in July.

Judge Michael Crosbie imposed a minimum non-parole period of five years four months.

The Ministry of Justice confirmed this morning Kloogh had lodged an appeal which would be heard in the High Court at Dunedin in December.

At sentencing, six of Kloogh's former clients – many of whom considered him a friend - read out victim impact statements, detailing the immense pain the offending had caused.

One woman said she felt she had been "groomed" before having her funds deliberately and systematically stolen.

A man with incurable cancer had his family life-savings snatched away.

The court also heard from a couple who wanted to build a home to provide for their special-needs son, whose dreams had been dashed by Kloogh's Ponzi scheme.

Some of the stolen cash was used to pay out unwitting clients, but much of it went on a lavish lifestyle of overseas trips, flash cars and expensive clothes.

Judge Crosbie assessed Kloogh's offending as among the worst of its type.

The defendant was given credit for his early guilty plea, for co-operating with investigators and for taking part in restorative-justice meetings with 13 investors.

The judge ordered Kloogh pay reparation of $5 million.