Chris Marco

Enforcement updates

19 May 2023

Ms Linda Marissen, of Wembley Downs, Western Australia has appeared at the Perth Magistrates Court charged with 34 counts of enabling or aiding the commission of alleged fraud offences by Chris Marco contrary to sections 7(b) and 409 of the Criminal Code (WA).

Following an ASIC investigation, it is alleged that between February 2014 and October 2018, Ms Marissen enabled or aided Chris Marco to defraud more than $29.5 million from six investors. Ms Marissen was employed by Chris Marco as his Executive Assistant.

The criminal charges against Ms Marissen come after Chris Marco was charged in July 2022 with 50 counts of fraud under section 409 of the Criminal Code (WA) (22-186MR).

Ms Marissen was released on bail. 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. 

This matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

Read ASIC’s media release.

20 February 2023

McGrathNicol, liquidators and receivers of the scheme operated by Mr Chris Marco and AMS Holdings (WA) Pty Ltd (AMS), applied to the Federal Court for orders in relation to the distribution of scheme property.

The Federal Court of Australia delivered its reasons on 13 February 2023, concluding that the liquidators are justified in:

  • treating scheme property, including certain assets of Mr Marco and AMS, as a single fund; and
  • distributing the scheme property (after the payment of certain remuneration and debts) in a manner that reflects the equitable proprietary interests of scheme members in that property.

The Court set out a formula for the distribution of scheme property to scheme members. The form of the orders to give effect to that distribution method is yet to be determined. The matter is to be listed for further directions.

You can download the reasons here Australian Securities and Investments Commission v Marco (No 13) [2023] FCA 83 (fedcourt.gov.au).

22 July 2022

On 22 July 2022, Chris Marco appeared 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.

Read ASIC’s media release here.

11 December 2020

The Federal Court has delivered its reasons for making orders on 7 December 2020 to wind up an unregistered managed investment scheme operated by Mr Chris Marco, AMS Holdings (WA) Pty Ltd and AMS Holdings (WA) Pty Ltd as trustee for the AMS Holdings Trust (The Defendants).

You can download the judgment here.

ASIC’s investigation into other aspects of Mr Marco’s conduct is ongoing.

If investors have any questions regarding this matter, they are invited to contact ASIC at CMarcoinvestorliaison@asic.gov.au.

7 December 2020

The Federal Court has ordered the winding up of an unregistered managed investment scheme operated by Mr Chris Marco and AMS Holdings (WA) Pty Ltd and AMS Holdings (WA) Pty Ltd as trustee for the AMS Holdings Trust (The Defendants).

The Court also ordered that 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.

Robert Kirman and Robert Brauer of McGrathNicol, Perth have been appointed as receivers and managers over all the property of the Defendants.  Mr Brauer and Mr Kirman have also been appointed as liquidators over the scheme and AMS Holdings (WA) Pty Ltd.  The Court also made orders terminating the appointment of Cameron Shaw, Richard Albarran and Marcus Watters of Hall Chadwick as liquidators of AMS Holdings (WA) Pty Ltd.  

The Court indicated that the full judgment with the reasons for decision will be handed down on Friday, 11 December 2020.

You can download the orders made by the Court earlier today here.

Read ASIC’s media release here.

ASIC’s investigation of other aspects of Mr Marco’s conduct is ongoing.

If investors have any questions regarding this matter, they are invited to contact ASIC at CMarcoinvestorliaison@asic.gov.au.

3 December 2020

The Federal Court of Australia will be delivering its decision in these proceedings at 9.15am (AWST) on Monday, 7 December 2020.

30 October 2020

On 28 and 29 October 2020, ASIC’s application for final orders to wind up an alleged unregistered managed investment scheme operated by the Mr Chris Marco, AMS Holdings (WA) Pty Ltd and AMS Holdings (WA) Pty Ltd as trustee for the AMS Holdings Trust (The Defendants) was heard in the Federal Court.

The Court reserved its decision.  ASIC does not know when this decision will be handed down but will update this webpage when the decision is available.

ASIC’s investigation into other aspects of Mr Marco’s conduct is ongoing.

ASIC continues to keep investors informed via this webpage.  If investors have any questions in relation to this matter, they may contact ASIC via email at CMarcoinvestorliaison@asic.gov.au.

12 August 2020

On 24 July 2020 the Interim Receivers filed their report with the Federal Court of Australia. On 7 August 2020, the Court made orders requiring the Interim Receivers to provide a redacted version of their report to investors. ASIC understands the redacted report has been provided to investors. If you are an investor and have not received the report yet, please contact McGrathNicol, Perth on (08) 6363 7600. 

Also, the Federal Court of Australia has listed ASIC’s application for final orders to wind up an alleged unregistered managed investment scheme operated by Mr Marco for a 2 day hearing.

ASIC’s application will be heard on 28 October 2020 and 29 October 2020, with the hearing to commence at 10.15 am AWST on both days. Closer to date, the Court will advise whether the hearing is to be held using video conferencing facilities, due to the ongoing COVID 19 restrictions.

ASIC’s investigation into other aspects of Mr Marco’s conduct is ongoing.

ASIC continues to keep investors informed via this webpage. If investors have any questions in relation to this matter, they may contact ASIC via email at CMarcoinvestorliaison@asic.gov.au.

28 May 2020

The Australian Securities and Investments Commission (ASIC) has successfully applied to the Federal Court of Australia for orders to appoint interim receivers over the assets of Mr Chris Marco, AMS Holdings (WA) Pty Ltd and AMS Holdings (WA) Pty Ltd as trustee for the AMS Holdings Trust.

Mr Robert Kirman and Mr Robert Brauer of McGrathNicol, Perth, have been appointed to act as Interim Receivers (Interim Receivers).

The Interim Receivers are required to provide a report to the Court by 26 July 2020 which will include:

  • the identification of the assets and liabilities of Mr Marco;
  • an opinion as to the solvency of Mr Marco;
  • the likely return to creditors, including investors, in the event that any scheme operated by Mr Marco were to be wound up; and
  • any other information necessary to enable the financial position of Mr Marco to be assessed.

The Interim Receivers are also required to provide a report addressing the same criteria regarding AMS Holdings (WA) Pty Ltd and AMS as trustee for the AMS Holdings Trust by the same date.

The appointment of the Interim Receivers is part of ASIC’s ongoing application for final orders to wind up an alleged unregistered managed investment scheme operated by Mr Marco, with a date for the hearing of the winding up application yet to be set.

ASIC’s investigation of other aspects of Mr Marco’s conduct is ongoing.

ASIC will continue to keep investors informed via this webpage. If investors have any questions regarding this matter, they are invited to contact ASIC at CMarcoinvestorliaison@asic.gov.au.

16 March 2020

At the start of the hearing on 16 March 2020, Justice McKerracher advised everyone who was present that due to the coronavirus, the hearing would be proceeding on the papers and not in person as originally scheduled. The hearing was adjourned shortly after that. Justice McKerracher will hand down his decision at a future date.

12 March 2020

ASIC’s application for the appointment of an interim receiver is due to return to the Federal Court for hearing on 16 and 17 March 2020, subject to any outcome from a mediation before a Court-appointed Registrar to be held this Friday 13 March 2020. Mediations of this kind are a standard step in proceeding to a Court hearing. Unlike the Court hearing scheduled for early next week, mediations are held in private rather than in the open Courtroom.

The matter is proceeding this month after an application by Mr Marco to delay the hearing of ASIC’s application was denied by the Court.

ASIC’s investigation of other aspects of Mr Marco’s conduct is ongoing. ASIC is continuing to speak with affected investors. Investors wishing to provide information to ASIC are invited to make contact with the investigation team via email in the first instance at CMarcoinvestorliaison@asic.gov.au, and a member of the team will respond as soon as possible.

19 December 2019

ASIC takes steps to wind up Chris Marco’s alleged unregistered managed investment scheme

ASIC has commenced action in the Federal Court in Western Australia against Mr Chris Marco, who traded as Coastline Group and related entity AMS Holdings (WA) Pty Ltd (AMS). ASIC is seeking orders to wind up the scheme operated by Mr Marco and, in the short term, appoint a receiver to manage Mr Marco’s and AMS’s assets.

If granted, the appointment of a receiver will:

  1. enable the receiver to identify and secure Mr Marco’s and AMS’s assets; and
  2. determine what assets may be available for the benefit of investors.

Copies of the documents ASIC filed today can be accessed here:

Interlocutory Process

The matter has been tentatively listed for a two-day hearing commencing on Monday, 16 March 2020.

ASIC alleges Mr Marco breached section 911A of the Corporations Act 2001(Cth) (Act) by conducting a financial services business without an Australian Financial Services Licence (AFSL). ASIC further alleges that Mr Marco breached section 601ED of the Act by operating an unregistered managed investment scheme.

ASIC’s investigations indicate that Mr Marco owes approximately $240 million to 132 investors. Mr Marco provided most investors with a guarantee that their principal investment was secured. ASIC alleges that there is a very significant shortfall in the assets available to operate the scheme into the future.

ASIC’s investigation into other aspects of the alleged conduct of Mr Marco and AMS is ongoing.

ASIC’s action in the Federal Court does not include recovery action on behalf of investors. ASIC confirms previous advice to investors that they should consider seeking their own personal legal advice in regard to their rights in relation to their investment. Any investors who may be suffering financial or other distress are also encouraged to consider seeking appropriate counselling.

If investors have any questions regarding this matter, they are invited to contact ASIC at CMarcoinvestorliaison@asic.gov.au.

Last updated: 19/12/2023 11:25