Chris Marco, of Mount Hawthorn, Western Australia is due to appear on 22 July 2022 at the Perth Magistrates Court charged with 50 counts of fraud under section 409 of the Criminal Code (WA). 

Following an ASIC investigation, it is alleged that between July 2013 and October 2018, Mr Marco defrauded $36.5 million from nine investors. It is also alleged, of the $36.5 million, one investor was defrauded $10 million by investing with Mr Marco.

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.

Background

The maximum penalty for each offence of fraud under the Criminal Code WA is seven years imprisonment, or 10 years if the person deceived is 60 years or older.

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 (20-314MR).

Editor's note:

The matter will be heard on 3 August 2022 at the Stirling Gardens Magistrate Court.

Editor's note 2:

On 3 August 2022, the matter was adjourned until 12 October 2022. The current bail conditions remain in place.

Editor's note 3:

On 12 October 2022, the matter was adjourned until 1 February 2023. The current bail conditions remain in place.

Editor's note 4:

On 1 February 2023, the matter was adjourned until 12 April 2023. The current bail conditions remain in place. 

Editor's note 5:

On 12 April 2023, the matter was adjourned until 7 June 2023. The current bail conditions remain in place.

Editor's note 6:

On 7 June 2023, the matter was adjourned until 5 July 2023. The current bail conditions remain in place.

Editor's note 7:

On 5 July 2023, the matter was adjourned until 13 September 2023. The current bail conditions remain in place.

Editor's note 8:

On 13 September 2023, the matter was committed to the Supreme Court of Western Australia for first appearance on 6 November 2023. The current bail conditions remain in place.