Tony Iervasi, former director of Courtenay House, has been sentenced in Australia.
The fraud, which operated for over 6 years, resulted in a net loss of $54 million to around 585 investors.
Tony
Iervasi, the former sole director of Courtenay House, has been sentenced to 11
years in prison with a non-parole period of seven years for his role in
orchestrating a $180 million Ponzi scheme that defrauded hundreds of investors.
In the ongoing case that has
lasted for years, charges have also been brought against other individuals.
Former Director of $180M
Ponzi Scheme Sentenced to 11 Years in Prison
The
Courtenay House companies, based in Sydney, operated under the guise of a
legitimate forex and futures trading business. However, only about 3% of the
funds deposited by investors were actually traded. Instead, Iervasi used new
investor capital to pay returns to existing clients, perpetuating the classic
structure of a Ponzi scheme.
Over a
period of approximately 6.5 years, from December 2010 to April 2017, Iervasi's
scheme raised around $180 million from approximately 585 investors. The total
net loss to victims amounted to $54 million, with Iervasi personally benefiting
from about $12 million of the fraudulently obtained funds.
“Mr. Iervasi’s actions betrayed the trust of his clients and inflicted damage on
hundreds of people,” commented
ASIC Deputy Chairwoman, Sarah Court. “Today’s sentence demonstrates that such
deliberate fraudulent activities will not be tolerated.”
Two Others Also Plead
Guilty
Iervasi is
not the only individual implicated in the $180 million Ponzi scheme. Last year,
criminal charges were also presented against David Sipina, a former director at
Courtenay House. According to court records, Sipina could face a maximum
penalty of ten years in prison and a fine of $810,000 for his actions.
In March of
this year, Sipina
confessed to operating a financial services business without the necessary
license from 2015 to 2017, in collaboration with others. He also admitted to
dealing with proceeds of crime amounting to $1 million or more.
Furthermore,
in May 2023, a former contractor Athan Papoulias was
sentenced to two years' imprisonment. His sentence is to be served through
an intensive corrections order along with completing 120 hours of community
service.
Justice
Sweeney highlighted the severe consequences for the scheme's victims, which
extended beyond financial losses.
“As
well as the loss of life savings and family homes, the harm went beyond
financial losses to breakdowns of marriages and family relationships,
emotional, physical and mental health issues, and the need to delay retirement
or resume working in the face of a loss of financial security in their mature
years,” she said.
Iervasi
pleaded guilty to four counts of engaging in dishonest conduct related to
financial products or services, as well as one count of operating an unlicensed
financial services business.
The case
was prosecuted by the Office of the Director of Public Prosecutions following
an investigation and referral by the Australian Securities and Investments
Commission (ASIC).
Tony
Iervasi, the former sole director of Courtenay House, has been sentenced to 11
years in prison with a non-parole period of seven years for his role in
orchestrating a $180 million Ponzi scheme that defrauded hundreds of investors.
In the ongoing case that has
lasted for years, charges have also been brought against other individuals.
Former Director of $180M
Ponzi Scheme Sentenced to 11 Years in Prison
The
Courtenay House companies, based in Sydney, operated under the guise of a
legitimate forex and futures trading business. However, only about 3% of the
funds deposited by investors were actually traded. Instead, Iervasi used new
investor capital to pay returns to existing clients, perpetuating the classic
structure of a Ponzi scheme.
Over a
period of approximately 6.5 years, from December 2010 to April 2017, Iervasi's
scheme raised around $180 million from approximately 585 investors. The total
net loss to victims amounted to $54 million, with Iervasi personally benefiting
from about $12 million of the fraudulently obtained funds.
“Mr. Iervasi’s actions betrayed the trust of his clients and inflicted damage on
hundreds of people,” commented
ASIC Deputy Chairwoman, Sarah Court. “Today’s sentence demonstrates that such
deliberate fraudulent activities will not be tolerated.”
Two Others Also Plead
Guilty
Iervasi is
not the only individual implicated in the $180 million Ponzi scheme. Last year,
criminal charges were also presented against David Sipina, a former director at
Courtenay House. According to court records, Sipina could face a maximum
penalty of ten years in prison and a fine of $810,000 for his actions.
In March of
this year, Sipina
confessed to operating a financial services business without the necessary
license from 2015 to 2017, in collaboration with others. He also admitted to
dealing with proceeds of crime amounting to $1 million or more.
Furthermore,
in May 2023, a former contractor Athan Papoulias was
sentenced to two years' imprisonment. His sentence is to be served through
an intensive corrections order along with completing 120 hours of community
service.
Justice
Sweeney highlighted the severe consequences for the scheme's victims, which
extended beyond financial losses.
“As
well as the loss of life savings and family homes, the harm went beyond
financial losses to breakdowns of marriages and family relationships,
emotional, physical and mental health issues, and the need to delay retirement
or resume working in the face of a loss of financial security in their mature
years,” she said.
Iervasi
pleaded guilty to four counts of engaging in dishonest conduct related to
financial products or services, as well as one count of operating an unlicensed
financial services business.
The case
was prosecuted by the Office of the Director of Public Prosecutions following
an investigation and referral by the Australian Securities and Investments
Commission (ASIC).
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
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