Chris Marco, of Mount Hawthorn, Western Australia is due to appear on 22 July 2022 at the Perth Magistrates Court charged with 50 counts of fraud under section 409 of the Criminal Code (WA).
Following an ASIC investigation, it is alleged that between July 2013 and October 2018, Mr Marco defrauded $36.5 million from nine investors. It is also alleged, of the $36.5 million, one investor was defrauded $10 million by investing with Mr Marco.
The criminal charges come after ASIC took civil action in the Federal Court in 2020 to wind up the unregistered managed investment scheme operated by Mr Chris Marco and AMS Holdings (WA) Pty Ltd, the AMS Holdings Trust (20-314MR).
This matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
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The maximum penalty for each offence of fraud under the Criminal Code WA is seven years imprisonment, or 10 years if the person deceived is 60 years or older.
On 7 December 2020, the Court wound up Mr Marco’s unregistered managed investment scheme and also ordered Mr Marco be permanently restrained from carrying on a financial services business without an Australian Financial Services Licence or operating an unregistered managed investment scheme (20-314MR).
Originally published by ASIC