The NSW Supreme Court has jailed Rural & General Insurance founder Timothy Charles Pratten to three years and six months on charges of obtaining a financial advantage by deception.

Pratten has lodged an appeal but was not granted bail last week and was taken into custody.

He had pleaded not guilty to seven counts of obtaining a financial advantage by deception from the Commonwealth over tax returns he had filed.

The court ordered he be released after 18 months jail on entering a 24-month good behaviour bond. The sentence also includes 750 hours of community service.

Justice Stephen Rothman found Pratten did not declare income of more than $2.77 million and received a financial advantage of more than $1.25 million, being tax that was not paid.

He said Pratten has high levels of depression and anxiety, no prior criminal record and is the only available carer for his two daughters.

Justice Rothman says despite the Crown’s submission, the offending is not “anywhere near the higher end of… seriousness”.

More details in our regular bulletin on Monday. Meanwhile, for more backgrond, see previous articles.