NZ fraudsters handed sentence reduction

Two New Zealand men who admitted to a $5.6 million fraud racket on the Gold Coast have had eight months shaved off their parole eligibility date by Queensland's Court of Appeal.

Liam Carlisle, 32, and Matthew Crouch, 35, were sentenced to 10 years behind bars in July last year after pleading guilty to fraud offences arising from a "boiler room" operation which tricked 311 people into pouring money into sham investments.

Some of the victims, including retirees, lost their life savings and were hit hard because it came not long after the global financial crisis.

The two men withdrew $4.9 million and lived comfortably with the proceeds, travelling to the US and driving luxury vehicles.

When the pair was sentenced, most of the money remained outstanding with no prospect of recovery.

The judge set their parole eligibility to four years, noting that neither Carlisle or Crouch were willing to name the overall architect of the fraud.

In appealing the sentence, their legal teams successfully argued the judge should have adhered to the Queensland sentencing practice of setting parole eligibility to one-third of the sentence when defendants plead guilty.

If not for their admissions, a fraud of only $1.8 million would have been established, it was argued.

In a written judgment handed down on Tuesday, Court of Appeal President Margaret McMurdo said the men admitted involvement in a "staggeringly audacious" scheme.

They had both exhibited anti-social behaviour in their youth, she noted.

"It is therefore to their credit that in the three and a half years since being charged with this offence they have not re-offended and have led pro-social lives," Justice McMurdo said.

"This suggests each has promising prospects of rehabilitation."

The court set aside the original parole eligibility date of 30 July, 2019.

The men will be eligible for release as early as November 2018.