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A man’s bold and unrefined effort to commit insurance fraud by faking a robbery was proof of his financial desperation, according to his attorney.

Michel Elias Germani’s jewelry store was on the verge of being seized because of the effects of construction and the Covid-19 pandemic, according to his lawyer during a sentencing hearing at the Downing Centre District Court on Wednesday.

Germani and co-defendant Mounir Helou admitted to insurance fraud, but a jury acquitted them of the charge of aggravated robbery in April.

He stated that his high-end store, Germani Jewellers located at Sydney’s Hilton Hotel, was stolen from by two individuals who tied him and a sales associate with cable ties inside the shop in January 2023.

However, the theft was merely a trick for the 67-year-old to recover money before his shop was closed because of an unpaid rental debt of $184,000.

Germani was described as “inept in dealing with the criminal underworld” and pushed to engage in fraud due to desperation, according to his lawyer David Carroll.

“This isn’t a scam that involved a long period of trickery … it was obvious but definitely not complex,” Mr. Carroll stated.

The sole method he had to rescue his company was via this insurance scam.

Mr. Carroll contended that the three years his client spent in detention following his arrest would be largely adequate as a penalty for the offense.

At one stage, Germani became physically restless while appearing in court through an audio-visual link from prison but did not speak except to confirm that he could see and hear the proceedings.

Only the insurance company was affected by the crime, as the fake heist did not involve actual jewelry, Mr. Carroll stated.

He stated that Mr. Germani’s argument is that the items stolen by the robbers were fake jewelry.

The idea that actual jewelry was ever stolen is disputed.

The state attorney claimed that the $2,821,348 insurance request Germani filed for 164 pieces of jewelry that were said to be stolen was significantly higher than what was necessary to keep the business afloat.

However, Mr. Carroll mentioned that the high threshold was just an initial step in potential discussions with the insurance company, and his client did not gain any advantage from the fraud except for preserving his business.

“They were on the verge of seizing the store, he remarked, he wasn’t just lacking in rent payments,” he said.

His financial situation was so dire that his business was on the verge of collapse.

A lawyer representing Helou stated that his client was under a strict correctional program when the offense occurred.

Nevertheless, any sentence given should not increase the time Helou has already served in prison, he stated.

The two individuals are scheduled to receive their sentences on Thursday.

Prior to the fraudulent scheme being exposed, Germani’s website stated that it had created jewelry for Princess Diana, royal families from Saudi Arabia and Jordan, and Elizabeth Taylor.

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