Perth Serial Fraudster Receives 14-Year Sentence for Investor Scam
A Perth resident, convicted of orchestrating a significant investor fraud, has been sentenced to 14 years in prison. Known for misleading investors into believing they were involved in legitimate financial opportunities, Marco deceived them out of millions of dollars.
Details of the Investor Scam
During the trial, it was established that Marco misappropriated approximately $34 million from six investors, a sum they reported as unrecoverable. Judge Whitby pointed out that Marco had no intention of using the funds as promised. Instead of investing the money, he utilized a significant part of it to pay returns to other investors and fund personal expenditures.
Financial Misuse
- Only $11 million was legitimately transferred for investment, constituting just 4.4% of total funds.
- About 95% of investor money was unaccounted for and not invested as claimed.
- Investors were unaware that their funds would be redirected to pay off previous returns, purchase real estate, and cover personal expenses.
In court, expert testimony further indicated that the private placement scheme employed by Marco was both fraudulent and unrealistic. The repercussions of his actions led to lasting emotional and financial distress for many victims.
Victim Impact Statements
Andrew Batchelor, one of the victimized investors, delivered a poignant statement via video link. He expressed the profound emotional and financial impact Marco’s actions had inflicted on him and others. Batchelor described his experience as devastating, stating he lost his home and retirement savings due to the fraud.
He articulated: “What took 40 years of hard work to build was destroyed by lies and deceit.” Following the conclusion of criminal proceedings, he plans to pursue compensation.
Legal Proceedings and Aftermath
Prosecutor Steve Whybrow emphasized that Marco’s actions represented a serious breach of trust. He noted that Marco appeared to blame the Australian Securities and Investments Commission (ASIC) for his business’s downfall, showing no signs of remorse.
Marco’s defense attorney, Luka Margaretic, argued that character references portray Marco positively and emphasized his deteriorating health. He expressed intent to appeal the lengthy sentence, indicating surprise at its severity.
Acquittal of Associate
Additionally, it was noted that Marco’s assistant, Linda Marissen, was acquitted of all charges against her, highlighting the discrepancy in accountability surrounding the operation.
The case underscores a critical lesson in investment vigilance and accountability as victims continue to grapple with the fallout of this extensive fraud. Emegypt will follow any developments related to the appeal and remaining repercussions for Marco.
