Perth businessman Chris Marco’s alleged Ponzi scheme left investors billions short, court told
30 Oct 2020

The Federal Court has heard allegations Perth businessman Chris Marco ran a Ponzi scheme of “significant proportions” which left his investors $2.1 billion short of what they could have earned if he had delivered on his promises.

The corporate watchdog wants Mr Marco’s investment schemes — run through businesses including AMS Holdings (WA) Pty Ltd and a trustee company — wound up.

The Australian Securities and Investments Commission (ASIC) claims Mr Marco ran an unregistered management investment scheme and also ran a financial services business without a licence from 2010.

It also alleges millions of dollars raised by Mr Marco were used to buy, renovate and develop property, as well as invest in shares and buy classic cars.

Court hears investors received $213.3 million

In a Federal Court hearing in Perth yesterday, ASIC claimed that more than 310 investors had contributed $261.5 million to Mr Marco’s investment scheme and he had paid out $213.3 million to them.

But this was still significantly less than the $2.1 billion which ASIC alleged was owed to the investors if the promised returns of their contracts were fulfilled.

By Rebecca Turner, ABC News, 28 October 2020

Read more at ABC News

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