Ex-financial Advisor Goes to Prison over Stealing Money to Gamble

A 42-year-old former financial advisor from Perth, Australia, was sentenced Friday over stealing money from his clients to fund a gambling addiction. Mark Raymond Sebo was arrested back in November 2022 and pleaded not guilty to 36 charges of stealing money from at least eight individuals or couples. Sebo was sentenced to five years in prison, as announced by The Age on Friday.

The prison sentence comes after the Perth District Court heard evidence about his actions that resulted in more than one million Australian dollars stolen from his clients. While the sentencing came this week, Sebo’s time in prison since his arrest in November 2022 will be taken into consideration. This otherwise means that he will be able to go out on parole in approximately three years.

During his sentencing, Sebo rejected legal representation. In front of the court, he claimed that the money was stolen to cover an “exorbitant dowry” for his father-in-law. Additionally, Sebo claimed that child protection services and law enforcement persecuted him. According to the recent report, the former financial advisor was diagnosed with persecutory delusional disorder, a rare form of mental illness. Upon sentencing Sebo, Judge Belinda Lonsdale explained that there were inconsistencies in his justification about why the money was taken. “Your justification does not make sense,” she said.

Sebo holds a bachelor’s and master’s in economics from Murdoch University. Once he graduated, he created his own business, Platinum Perpetual Global Wealth, which he ran for many years. Judge Lonsdale acknowledged that Sebo’s business was a successful one, considering that he had a “number of clients who were educated and intelligent and trusted you.”

The Incriminating Evidence against the Former Advisor Was Overwhelming

Lonsdale spoke about the seriousness of Sebo’s crimes, explaining that he stole money from people who trusted him with their life savings. Moreover, she outlined that the victims of his financial crimes were vulnerable, considering that he had easy access to their money. Additionally, Judge Lonsdale pointed to the evidence of Sebo’s crimes and said that he didn’t show remorse for his actions.

“The evidence of your guilt was overwhelming, so you never accepted responsibility as you should have.“

Judge Belinda Lonsdale

The crimes committed by the former financial advisor date between July and August 2019. Overall, he stole more than AU$1 million ($678,500). A majority of that sum was used for online gambling with Ladbrokes, CrownBet and BetEasy. A small portion of the stolen sum was deposited into his own account.