Perth businessman Chris Marco has been sentenced to 14 years in prison for defrauding six victims of more than $34 million in a Ponzi scheme. The Supreme Court of Western Australia heard that Marco took millions from investors, promising high returns through 'private placement programs,' but instead used their own or others' money to pay returns, with no actual investments made.
Prosecutor Steven Whybrow told the court that payments were made as part of a Ponzi scheme, describing Marco as no different from a gambler hoping to hit the jackpot. One victim, Andrew Batchelar, detailed the devastating impact, including losing his family home and having his superannuation wiped out, causing deep psychological trauma and loss of trust.
The court heard that more than $253.8 million was deposited into Marco's accounts from many individuals, with less than $200 million returned. Marco urged investors to roll over funds into new high-interest programs. He was found guilty last month of 43 counts of fraud, committed until 2018 when ASIC intervened.
Justice Natalie Whitby described the offending as at the 'high end of the scale of seriousness,' noting that $11 million sent overseas for investment was a small portion of the funds. Marco received sentences ranging from two to six years for each offence, totalling 14 years. His lawyer, Luka Margaretic, said appeals against both convictions and sentencing would be lodged.
ASIC Deputy Chair Sarah Court welcomed the sentence, calling it the longest ever imposed following an ASIC investigation, and said Marco engaged in 'longstanding and calculated deceit.'
