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.
MetaTrader 5 Now Supports over 40 Payment Options for Global Traders
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Don't miss out on our latest videos, interviews, and event coverage.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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