One of Australia’s most legendary thieves was caught and brought to justice recently. It is a story that someday may be glorified by Hollywood. Really, it is just a shameful scam artist stealing.

The culprit is a smooth-talking Canadian patsy took the fall for Australia's largest superannuation theft, but the major beneficiary of the crime remains at large.

Shawn Richard, known by his Facebook nickname Shawny Cash, was sentenced in the New South Wales Supreme Court and for his efforts will receive a minimum of 2½ years in the pokey.

The sentence immediately drew the ire of investors in Trio Capital, which collapsed in late 2009. Investors lost $180 million sent to offshore hedge funds through Astarra Strategic and ARP Growth.

Does the Punishment Fit the Crime?

John Hempton, a fund manager who first exposed the fraud, said: ''This has caused a very large number of people a very large amount of pain. If he had mugged three of those people and took their purses he would have probably got a longer sentence.''

Richard, 36, appeared haggard and unshaven as the judge found he was ''motivated simply by greed'' when he directed $26.6 million into offshore funds, knowing the money was being stolen.

But who was the real culprit? The judge in his sentencing remarks show a US citizen based in Hong Kong, Jack Flader, was the real mastermind and major beneficiary of the crime. Flader remains at large.

Richard’s sentence carries a maximum of three years and nine months.

He said he was prepared to accept that Richard, described by his lawyer as ''ripe for the picking'', had been naive and gullible when he first started working for Flader.

But he said benefits received by Richard included secret payments of $1.3 million paid into personal bank accounts in Liechtenstein and Curacao and payments to his company of $5.3 million.

He gave Richard a 25 per cent discount on his sentence for contrition including pleading guilty early and a further 12.5 per cent for his help in an undisclosed matter. Due to his help, Richard will serve his sentence in protective custody.

What do you think?