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Justice Rachel Dunningham rejected Kloogh's bid for his prison sentence of eight years and 10 months to be reduced, and also ruled that the minimum period of time to be served imposed by District Court judge Michael Crosbie was within reasonable bounds.
However, her honour quashed a reparations order for the 57-year-old to repay $5 million to his victims.
The order was inappropriate given that Kloogh would be spending more than five years in jail, and that all parties accepted it was unlikely funds would be available any time soon to repay those Kloogh bilked through his Ponzi scheme.
``Indeed, I consider to make the order is to raise false hope in the many victims of Kloogh's dishonesty.''
There was ``no realistic chance'' of Kloogh paying back the $5 million so that order should be quashed, Justice Dunningham said.