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Michael Cay, who is serving four years imprisonment following his conviction in December 2008, has had his appeal against the sentence dismissed.
Cay has to serve a minimum of three years before he is eligible for parole - a sentence the broker was seeking to overturn on the basis of it being "manifestly excessive", according to a report in The Adviser.
Cay who previously worked for Jewel Financial Services, was found guilty of obtaining property by deception and obtaining a financial advantage by deception.
According to court documents, Cay pleaded guilty in 2008 to deceiving several investors of $475,149 to invest with Jewel.
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