Perth Fraudster Receives 14-Year Sentence for Defrauding Investors

Marco, a fraudster from Perth, has been sentenced to 14 years for defrauding investors of approximately $34 million. The sentencing took place after the Australian Securities and Investments Commission (ASIC) shut down Marco’s operations in November 2018.

Details of the Fraud Scheme

During the trial, it was revealed that Marco misled investors by claiming that his investment programs were nearly risk-free. Despite claiming to invest in “real and legitimate” schemes, he reportedly diverted most of the funds for personal use, including paying returns to other investors and purchasing personal items.

Financial Losses for Victims

• Approximately $34 million lost by six investors who testified at the trial.
• Only $11 million, or 4.4% of total deposits, was allegedly invested.
• About 95% of the funds were unaccounted for in actual investments.

Judge Whitby noted that Marco had a significant breach of trust, emphasizing that he never disclosed to victims his actual plans for their money. Victims shared their emotional and financial struggles during the proceedings, outlining the devastating impact of Marco’s deceit.

Victim Statements

Andrew Batchelor, one of the affected investors, detailed his profound hardships. He expressed that Marco’s actions had destroyed decades of hard work and financial planning. As a result, he lost his house and retirement savings, leading to ongoing financial difficulties.

Legal Proceedings and Defense

Prosecutor Steve Whybrow highlighted Marco’s lack of remorse and his continued blame on ASIC for his business’s collapse. Despite providing character references indicating Marco’s good nature, these claims contrasted sharply with the gravity of his fraudulent actions.

Marco’s defense attorney, Luka Margaretic, requested the court to consider Marco’s age and health, arguing that he is a primary caregiver for his family. Following the sentencing, Margaretic indicated that they are contemplating an appeal, citing its unexpected length.

Outcome for Marco’s Assistant

Linda Marissen, Marco’s assistant, was acquitted of all charges related to the case.

Conclusion

This 14-year sentence serves as a cautionary tale about the serious legal repercussions of financial fraud. The case underscores the importance of transparent investment practices and the devastating impact of deception on victims and their families.