Jailed Vic broker's appeal bid thrown out

A broking company founder who raided his clients' funds to keep his business afloat has had an application to appeal the length of his jail term thrown out.

Sonray Capital Markets founder Russell Andrew Johnson was jailed for six years and six months in April after he and his brother-in-law illegally diverted millions of dollars to pay operating costs between 2007 and 2010.

Johnson applied to appeal the jail term, saying the sentencing judge did not give enough weight to the fact he was remorseful, had co-operated with authorities and had made reparation.

In his Victorian Court of Appeal submission, he said he should have received a lesser sentence than brother-in-law Scott Kenneth Murray, who was jailed for five years, despite his offending being greater and wider-ranging.

Justice Joseph Santamaria denied the application saying Johnson had taken a different approach to Murray who had demonstrated a very significant level of co-operation.

Murray had confessed his criminality, provided an extensive record of interview and waived his right to committal.

Justice Santamaria said while it was true Johnson disclosed the deficiencies in the clients' accounts and accepted responsibility, his remorse only went so far.

"His apology to creditors at the mediation was cautious; it did not involve a confession that, in addition to being negligent, he had been criminally delinquent," Justice Santamaria said.

Johnson went through a committal hearing and did not plead guilty to charges including theft and obtaining financial advantage by deception until October 2013, Justice Santamaria said.