Mr Christopher Paul Woolgrove of Toorak, Victoria and Mr Lawrence Phillips of Auckland, New Zealand were sentenced today in the Brisbane District Court following a joint investigation between ASIC and the Australian Federal Police (AFP).

Mr Woolgrove was sentenced to two years imprisonment to be released after serving six months and payment of $2,000 recognisance. He was also ordered to be of good behaviour for two years.

Mr Phillips was sentenced to two years imprisonment to be released after serving five months less 71 days imprisonment he has already served. He was also ordered to pay $2,000 recognisance upon release and to be of good behaviour for two years.

In March, Mr Woolgrove and Mr Phillips pleaded guilty to one charge each of operating an unregistered managed investment scheme.

Between October 2001 and February 2004, over 200 Australians invested a total of $2.15 million in an unregistered managed investment scheme known as the Hatcher Unit Trust (HUT). HUT was a scheme that promised to fund the salvage of sunken treasure from shipwrecks located in the waters of South-East Asia. Investors were promised returns of up to 1365 per cent.

The Corporations Act requires certain managed investment schemes to be registered with ASIC. Individuals considering making an investment should call ASIC’s Infoline on 1300 300 630 to determine whether or not an investment scheme is, or is required to be, registered.

The Commonwealth Department of Public Prosecutions prosecuted this matter.