Michael Reps, Kiwi Who Stole $23.5m in Gold and Silver from His 90-Year-Old Dad, Sentenced to US Prison

Updated: 17 July 2025

Michael Reps, a former New Zealand company director, has been sentenced to at least four years in a Wyoming prison in the United States after reportedly stealing millions of dollars worth of gold and silver from his elderly father. The theft, valued at around NZ$23.5 million, has shocked both New Zealand and the US, where Reps now faces the consequences of his actions.

Reps was sentenced on Monday at a courthouse in Lincoln County, Wyoming, after pleading no contest to a single count of felony theft in April. According to the Cowboy State Daily, the plea agreement limited his potential prison term to four and a half years. Prosecutors described the theft as a “treacherous, deceitful, calculated breach of trust,” calling it a “caper” with some of the stolen metals still unrecovered.

During the hearing, Reps reportedly expressed his belief that his father’s longtime girlfriend was the one who should be most concerned about the theft. He claimed that his actions were driven by desperation over fears that his father was cutting his disabled siblings off from financial support.

Reps, who has a history of financial misconduct in New Zealand, was previously charged in 2018 with breaching financial service provider rules. At the time, the Financial Markets Authority (FMA) accused him and his company, Pegasus Markets Ltd, of falsely claiming on two websites that they were registered on the Financial Service Providers Register for over two years. In 2021, he was sentenced to two months of community detention and 90 hours of community work.

The FMA had stated at the time that Reps’ conviction would prevent him from serving as a director of a financial services firm for five years. Now, with his recent sentencing in the US, Reps’ legal troubles have reached a new level.

The case has sparked discussions about the ethical responsibilities of family members in financial matters and the consequences of exploiting trust. While some may argue that Reps’ actions were motivated by personal desperation, the scale of the theft and the breach of trust have led to widespread condemnation.

The incident serves as a stark reminder of how quickly personal relationships can be tested by financial greed and the severe legal repercussions that can follow. As Reps begins his prison term in Wyoming, the story will continue to resonate as a cautionary tale for others who may be tempted by similar temptations.