Australian Securities and Investments Commission (ASIC) confirmed on Wednesday that Chris Marco, a resident of Western Australia, is due to appear at the Perth Magistrates Court on 22 July 2022 charged with 50 counts of fraud.

According to the details shared by ASIC, Marco defrauded approximately $36.5 million from nine investors. Allegedly, the illegal activities happened between July 2013 and October 2018. Among the victims, one investor made an investment worth $10 million.

“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,” ASIC noted in an announcement.

ASIC highlighted that Marco has been charged under 409 of the Criminal Code (WA). The Australian Securities and Investments Commission has increased its efforts against illegal financial activities in the region. In May 2022, the authority charged ANZ Bank for incorrect fees and misrepresentations.

Background

Between July 2013 and October 2018, Marco operated an unregistered investment scheme. According to ASIC, the maximum penalty for each offence of fraud under the Criminal Code of WA is seven years imprisonment.

“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,” ASIC added.