Chartwell victims celebrate Hoy jail sentence

KIM WATERS
Investors in collapsed company Chartwell Enterprises clapped in court this week as the firm’s former boss Graeme Hoy was jailed for more than 13 years.
Supreme Court Justice Terry Forrest sentenced Hoy to a minimum nine years after he pleaded guilty to 44 fraud-related charges in Victorian Supreme Court.
Hoy and former business partner Ian Rau swindled almost $22 million of investor’s money to fund lavish lifestyles.
Rau was sentenced to 31 months jail in August after pleading guilty to lesser charges. Bell Park investor Diane Saba clapped in court as Justice Forrest handed down his sentence.
“I’m quite happy with 13 years and nine months jail,” she said.
“I would have loved more but for my own health and sanity I have to accept this and just move on from it.”
Ms Saba said her husband, Dusan, died from shock and stress after Chartwell collapsed in 2008 with their life savings.
“We lost $1.7 million but this (Hoy’s sentence) is not going to change that,” she said.
“I won’t get my life back. I’ll still wake up tomorrow without my husband and I’ll still be in debt.
“It’s destroyed my family. We’re absolutely heartbroken.”
Ms Saba said the Chartwell loss had forced her out of retirement and into work as a nurse to pay her debts.
“I’ll have to work until I’m 90,” she said.
“I feel betrayed and I’ll never invest in anything like this again.
“I also feel let down by the government – where were their watchdogs and what were they doing?”
Ms Saba said Mr Hoy’s bids for leniency had angered his victims.
“He claimed he had medical problems but his illnesses were not proven medically. He had gout and high blood pressure but, as the judge pointed out, what 58-year-old doesn’t have high blood pressure.
“The health issues he has caused us are far greater than his.
“At least this part is over now. The rest will never be over.”