Francis Armstrong paid Munro $39,600 between March 7, 2013, and April 15, 2013, for investment in the so-called TradeStation Futures Trading Fund.
Catherine Heyer paid Munro $40,000 between November 1, 2012, and November 11, 2013.
Gregory Von Harten paid Munro $220,000 between January 15, 2014, and April 8, 2014, for the TradeStation fund, but it was used for Munro’s personal expenses, and about $80,000 was put into a trading account held in Munro’s wife’s name, which operated at a loss.
Munro had also been charged with a fourth fraud offence involving more than $400,000 in funds allegedly dishonestly used, but this was dropped by the Director of Public Prosecutions.
In court on Tuesday, Munro was shaking and visibly upset in the dock. The fraud charges carried a maximum penalty of 12 years in prison.
In sentencing on Tuesday, Judge Smith acknowledged that Munro had no previous criminal history and had mental health and physical conditions, but they could continue to be managed in jail.
“You defrauded unsophisticated investors of a significant amount of money,” Judge Smith said.
Munro was sentenced to 4½ years behind bars but will be released after 15 months, with the remainder of his sentence to be suspended.
