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Australia Perth businessman Chris Marco's alleged Ponzi scheme left investors billions short, court told

02:21  29 october  2020
02:21  29 october  2020 Source:   abc.net.au

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Six Malaysian men visit Perth seeking .5 million they lost when an alleged Ponzi property The men were left disappointed when a meeting with Ms Macpherson at a Belmont cafe was cut short when Father and son investors Sanjay ( left ) and Kumar are hoping to recover what they invested .

The Ponzi scheme collapsed earlier this month after Woodbridge stopped paying investors and filed for Chapter 11 bankruptcy protection, the The SEC says it' s pursuing the "return of allegedly ill-gotten gains with interest and financial penalties." An initial court hearing has been scheduled for December

a sign on a pole: One of the many properties owned by Chris Marco's company AMS Holdings (WA) Pty Ltd. (ABC News: Elicia Kennedy) © Provided by ABC NEWS One of the many properties owned by Chris Marco's company AMS Holdings (WA) Pty Ltd. (ABC News: Elicia Kennedy)

The Federal Court has heard allegations Perth businessman Chris Marco ran a Ponzi scheme of "significant proportions" which left his investors $2.1 billion short of what they could have earned if he had delivered on his promises.

The corporate watchdog wants Mr Marco's investment schemes — run through businesses including AMS Holdings (WA) Pty Ltd and a trustee company — wound up.

The Australian Securities and Investments Commission (ASIC) claims Mr Marco ran an unregistered management investment scheme and also ran a financial services business without a licence from 2010.

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The U. S . SEC has announced that a federal court in Florida has approved judgments against a .2 billion Ponzi scheme that targeted over 8,000 retail investors across the country. It is unlikely to the last Ponzi scheme , given recent history, including Bernard Madoff' s massive Ponzi scheme .

Named after Charles Ponzi , Ponzi schemes come in all shapes and sizes but have certain elements in common. The details of the supposed business are often. Investors in the scheme were required to wait approximately three months before withdrawing their capital, but with fantastic profits in return.

It also alleges millions of dollars raised by Mr Marco were used to buy, renovate and develop property, as well as invest in shares and buy classic cars.

Court hears investors received $213.3 million

In a Federal Court hearing in Perth yesterday, ASIC claimed that more than 310 investors had contributed $261.5 million to Mr Marco's investment scheme and he had paid out $213.3 million to them.

But this was still significantly less than the $2.1 billion which ASIC alleged was owed to the investors if the promised returns of their contracts were fulfilled.

Sections of affidavits from several investors were read out in court, detailing how Mr Marco had told them the minimum amount to invest in his scheme was $100,000.

The money would go into a pool of funds in a trust account which would be invested overseas, and they would receive a return of 7 per cent in three months.

The court also heard of examples of some investors earning higher rates of interest over different lengths of time, with one receiving a 41 per cent return on a two-month investment.

In November 2018, it froze the assets of Mr Marco and AMS Holdings.

The trial before Justice Neil McKerracher is due to finish today.

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This is interesting!