Napier fraudster Blair Fitzsimons, who stole more than $4 million from Pioneer Insurance shareholders, was sentenced yesterday to 4 years in prison.
In the Napier District Court, Judge David Ongley sentenced him to a minimum non-parole period of 2 years and also ordered Fitzsimons, who is bankrupt, to pay $250,000 to
his victims when he is released.
Former directors of the company welcomed the sentence, which Judge Ongley said was based on the ``devastating' impact Fitzsimons' actions had on his victims.
Fitzsimons, 40, had pleaded guilty to eight charges of fraud and forgery relating to when he was general manager of Pioneer Insurance.
He wrote three Pioneer cheques totalling $3 million, borrowed $526,625 from Marac Finance and left Westpac $500,000 short when a cheque was dishonoured.
He took the money from Pioneer Insurance from a $3 million reserve fund which the shareholders had contributed to through personal loans.
The offending happened between December 2005 and June last year and Fitzsimons stole a total of $4,086,000.
The money was used to prop up his struggling business, Xpress Vehicles Rentals, and for his personal funds.
Defence counsel Scott Jefferson said Fitzsimons had an offer of work once he had completed his sentence and he was committed to repaying every cent he had taken.
Former Pioneer shareholder John Gifford said there had been a serious and unforgivable breach of trust.
``Trust and honour are all we have when it all boils down. This man has neither,' he said.
He said Fitzsimons knew the impact his theft would have on the shareholders. ``He really didn't care one jot,' Mr Gifford said.
``It was always about him and being `the man' to his family.'
Former director Rob Elvidge said he had suffered because of Fitzsimons and his own home was under threat. Pioneer Insurance general manager Mike Cathro paid tribute to his 40 staff ``who have been through the wringer ... the business was hours from being shut'. He said the situation could have been a lot worse for staff and the company's 17,000 policy holders if Credit Union had not stepped in to take over the business.
Judge Ongley said Fitzsimons' actions had left the victims with huge personal debts which would affect them for the rest of their lives.
He fixed reparation at $250,000 because the expectation that Fitzsimons pay back all the money he owed was ``ridiculous'.
