A 54-year-old man has been jailed two years by the District Court for using forged documents and cheating two men of $52 million.

In the early 1990s, the defendant claimed to be the managing director of a securities company and induced two men to open accounts with the company. They also authorised the defendant to trade securities on their behalf.

He sold their shares between 1994 and 1996 without their knowledge and consent, resulting in the loss of $52 million.

The victims contacted Police in December 2001 after the defendant failed to repay the securities as promised. He was arrested last July.