Perth Serial Fraudster Receives 14-Year Sentence for Defrauding Investors
A Perth man has been sentenced to 14 years in prison for defrauding investors out of millions. This sentencing follows a trial revealing significant financial misconduct that left victims devastated.
Background of the Fraud
Marco, the convicted fraudster, operated a scheme that attracted six investors who collectively lost about $34 million. The Australian Securities and Investments Commission (ASIC) shut down his business in November 2018, culminating in extensive financial losses for the victims.
Deceptive Practices
- Marco misrepresented his investment programs as low-risk and exclusive.
- He convinced clients that their funds would be invested in legitimate schemes.
- In reality, approximately 95% of the money raised was not invested as promised.
Only about $11 million was actually transferred overseas for investment, which amounted to merely 4.4% of the total funds deposited by investors. The remainder was misappropriated for personal expenses including real estate, cars, and other luxuries.
Victim Impact Statements
During sentencing, victims expressed the profound emotional and financial impact of Marco’s actions. Andrew Batchelor, one of the victims, shared his experience via video link. He stated that the fraud “stripped [him] of everything” he had worked for over decades.
Emotional Toll on Victims
- Years of emotional hardship and financial struggle.
- Loss of homes and retirement savings.
- Destruction of personal and family stability.
Legal Proceedings and Sentencing
Prosecutor Steve Whybrow characterized Marco’s actions as a deliberate breach of trust. Despite the overwhelming evidence, Marco seemed to deflect blame onto ASIC for the downfall of his business. He showed little remorse for the damage caused.
Defense and Future Actions
Marco’s defense lawyer argued for consideration of his client’s age and health during the sentencing. There are indications that Marco may appeal the sentence, as his legal team remains confident about the prospects of such action.
This case starkly highlights the necessity for vigilance among investors. Trust can easily be exploited, leading to devastating consequences.
