US EditionPerth serial fraudster sentenced to 14 years over defrauding his investors
Marco used about 95% of investor funds for personal use and paying returns, investing only 4.4% as promised, according to court findings.
- On Thursday, Chris Marco, 67, was sentenced to an effective 14 years in prison, backdated to September 4 when he was remanded after conviction for 43 fraud offences in Perth.
- ASIC alleges that between July 2013 and October 2018, Mr Marco obtained over $36.5 million from nine investors, and a Federal Court order in December 2020 wound up his unregistered managed investment scheme.
- Court evidence showed fund misuse, noting about 95 per cent of investor funds were not invested, only $11 million went overseas, and Justice Whitby found funds paid returns and bought real estate, shares, cars, personal collectibles.
- Andrew Batchelor said in his impact statement that he lost his house and every dollar in his superannuation because of Marco's actions, and Marco will be eligible for parole after 12 years.
- ASIC Deputy Chair Sarah Court said the sentence is the highest imposed in an Australian court for an ASIC criminal investigation and marked a significant milestone, with the Commonwealth Director of Public Prosecutions prosecuting and pending appeals signalled.
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PerthNowFraudster cops 14 years' jail for Ponzi rip-off
A former laundromat owner turned Ponzi scheme operator has been sentenced to 14 years behind bars after swindling millions of dollars from would-be investors and friends.Chris Marco was found guilty of 43 fraud charges after illegally accepting more than $34 million from six client-victims to whom he promised healthy returns from investment schemes that did not exist.The 67-year-old was sentenced in Western Australia's Supreme Court on Thursday …
Fraudster Chris Marco cops record 14-year sentence for Ponzi scheme
Save (0) Please login to bookmarkClose Username or Email Address Password Remember Me A court has slapped a 14-year jail term on Perth businessman Chris Marco, after a jury found him guilty of 43 charges connected to a $34 million fraud on investors. Subscribe to Lawyerly to access this article.Already a subscriber? Username or Email Address Password Remember Me Lost your password? The post Fraudster Chris M…
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