Courtenay House Capital Trading Group Pty Limited and Courtenay House Pty Limited

The Courtenay House Companies had previously offered returns to investors on capital allegedly invested in foreign exchange and futures commodities when they were not licensed to do so.

Courtenay House Trading Group Pty Ltd is also the former investment manager of the Courtenay House Capital Investment Fund, Australian Registered Scheme Number 115 250 443 (the Registered Fund) (see heading below 'What is the status of the Registered Fund')

Tony Iervasi is the director of Courtenay House Trading Group, Courtenay House and Proactive Property Pty Ltd.

ASIC's register records David Sipina as a director of Courteny House Trading Group and Sipina Enterprises Pty Ltd.

Athan Papoulias is a consultant to Courtenay House Trading Group and a director of TheNowGroup.com.au Pty Ltd.

ASIC is investigating the business and affairs of the Courtenay House Companies and their directors in connection with concerns that, the Courtenay House Companies were:

• carrying on an unregistered managed investment scheme and that others were involved;
• providing unlicensed financial services; and
• dealing with investor funds in a manner inconsistent with their agreement with investors.

On the application of ASIC, the Supreme Court of NSW made interim orders on 1 May 2017 against the following parties by consent:

• Courtenay House Trading Group;
• Courtenay House;
• Tony Iervasi;
• David Sipina;
• Athan Papoulias;
• Proactive Property Services Pty Ltd;
• Sipina Enterprises Pty Ltd; and
• TheNowGroup.com.au Pty Ltd.

The orders prevented all of the parties from carrying on a financial services business and limited the extent to which they could deal with their cash and other assets. ASIC sought these orders to preserve funds that may be available for the benefit of investors in Courtenay House Trading Group and Courtenay House and to prevent those companies from accepting further funds from investors.

An order was also made preventing Tony Iervasi from leaving Australia.

The orders against Courtenay House Trading Group and Courtenay House have now been dissolved following the appointment of a liquidator to these companies.

As a result of the appointment of liquidators on 16 May 2017, all enquiries regarding the winding up of the Courtenay House companies, including the impact of the liquidation for investors and your investment funds, should be directed to the liquidators, Mr Jahani and Mr McInerney at Grant Thornton, care of:

Mr Fraser Wilkinson

Email: courtenayhouse@au.gt.com

Phone: (02) 8297 2698

ASIC’s investigation is ongoing and we cannot comment at this time. All publicly available information will be published on this dedicated webpage at http://asic.gov.au/courtenay-house. This site also includes information on how to contact ASIC to provide information as part of our investigation. Investors in the Courtenay House companies should refer to this website for ongoing updates.

We encourage investors to keep informed about the latest developments by regularly visiting this dedicated webpage at http://asic.gov.au/courtenay-house.

Information regarding ASIC's approach to commenting on investigations can be found in ASIC's Information Sheet INFO 152: Public comment.

Until 27 April 2017, Courtney House Trading Group was the investment manager of the Registered Fund. On that date Australian Mutual Holdings Limited, the responsible entity for the Registered Fund, terminated the appointment of Courtenay House Trading Group as investment manager.

The Registered Fund is not the subject of investigation by ASIC and the orders of the Supreme Court of NSW do not affect investments in the Registered Fund.

Investors who believe they have invested in the Registered Fund and/or would like more information in relation to the Registered Fund should contact AMH care of Lilly Case at info@amhonline.com.au or on 02 9241 7959.

Investors who received advice from an Australian financial adviser in relation to your investment with Courtenay House Trading Group or Courtenay House, and have a complaint in relation to the advice provided, may wish to consider lodging a complaint with the relevant adviser.

You can access additional information on how to lodge a complaint with your adviser on ASIC's Moneysmart website.

Investors who received advice from an adviser in another jurisdiction and have a complaint in relation to the advice provided, you may wish to contact the regulator in the relevant jurisdiction to discuss whether any further action can be taken.

For any tax-related questions or concerns, please contact the Australian Taxation office on 131 020.

For any questions relating to an investment made by your SMSF, you may wish to consider contacting your accountant.

ASIC's Moneysmart website also contains information on investing via a SMSF, and on superannuation more general. This information can be accessed at the following address: https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works.

If you are having debt and cash flow issues see trouble with debt on ASIC's Moneysmart website.

Former Courtenay House director Tony Iervasi has been sentenced in the Supreme Court of NSW to 11 years imprisonment with a non-parole period of seven years for criminal charges relating to the operation of the Courtenay House ponzi scheme.

Mr Iervasi pleaded guilty to four offences of engaging in dishonest conduct in relation to a financial product or financial service contrary to s1041G Corporations Act 2001 (Cth) between 13 December 2010 and 21 April 2017, when he was the sole director and shareholder of Courtenay House, which raised around $180 million from around 585 investors.

Read more 24-193MR.

David Sipina of Croydon NSW has pleaded guilty to two criminal charges relating to his role at the Courtenay House group of companies.

Mr Sipina appeared before the Downing Centre Local Court on 19 March 2024 and pleaded guilty to:

• one count of carrying on (with others) a financial services business without a license pursuant to section 911A of the Corporations Act 2001 (Cth); and
• one count of dealing in the proceeds of crime worth $1 million or more pursuant to section 400.3(1) of the Criminal Code.

Read more 24-050MR.

Athan Papoulias of Brighton Le Sands, NSW, a former contractor to and promoter of Courtenay House investments, has been sentenced to two years’ imprisonment, to be served by way of an intensive corrections order for his role in the unlicensed financial services business. As part of his sentence, Mr Papoulias was ordered to complete 120 hours of community service.

Mr Papoulias pleaded guilty to one charge of carrying on an unlicensed financial services business between 2 November 2017 and 21 April 2017, reckless about the fact that the business did not have the required licence and one charge of dealing in the proceeds of crime worth $100,000 or more, reckless as to it being derived from the carrying on of an unlicensed financial services business.

During this period, Mr Papoulias received commissions totalling $670,860 for promoting investments in Courtenay House.

Read more 23-118MR.

David Sipina, who was engaged by Courtenay House Capital Trading Group to promote the Courtenay House business, has been charged with criminal offences relating to alleged misconduct at the Courtenay House group of companies.

Mr Sipina is the third individual to face criminal charges after former director Tony Iervasi and former contractor Athan Papoulias were both charged.

Read more 23-036MR.

Mr Athan Papoulias pleaded guilty in the Downing Centre Local Court to one charge of carrying on a financial services business, reckless about the fact that it did not have the required licence and one charge of dealing in the proceeds of crime worth $100,000 or more, reckless to it being the proceeds of crime.

Mr Papoulias also pleaded guilty to carrying on an unlicensed financial services business between about 2 November 2016 and 21 April 2017.

Read more 22-356MR.

Mr Tony Iervasi pleaded guilty in the Downing Centre Local Court to five criminal charges regarding the operation of a Ponzi scheme when he was director of Courtenay House Pty Ltd (in liquidation) and Courtenay House Capital Trading Group Pty Ltd (in liquidation).

The charges comprised four offences of engaging in dishonest conduct between 13 December 2010 and 21 April 2017, when he was the sole director and shareholder of Courtenay House, which raised around $180 million from around 585 investors and one charge of carrying on an unlicensed financial services business.

Read more 22-307MR.

Mr Tony Iervasi, the former sole director and shareholder of Courtenay House Pty Ltd and Courtenay House Capital Trading Group Pty Ltd and Mr Athan Papoulias, a contractor engaged by Courtenay House Capital Trading Group, have been charged with criminal offences for their actions relating to an alleged Ponzi scheme.

Mr Iervasi is facing nine criminal charges of dishonest conduct and one charge of carrying on a financial services business without a licence.

Mr Papoulias is facing one charge of dealing in the proceeds of crime worth $1 million or more, and one charge of aiding and abetting Mr Iervasi in carrying on a financial services business without a licence.

Read more 21-322MR.

On 23 March 2018 Justice Black made orders restraining the extent to which Tony Iervasi, David Sipina and Athan Papoulias and their companies (the Defendants) can deal with their assets.

The orders were made on the application of the liquidators of the Courtenay House companies.  There is also an order preventing Mr Iervasi from leaving Australia. The orders are in place until 30 May 2018 to allow time for the liquidators to hold public examinations and determine whether they will take any action against the Defendants to recover money for creditors of the Courtenay House companies.　

On the same day, ASIC's proceedings were discontinued as, in view of the liquidators' application, ASIC did not have a need to seek a continuation of the orders.　

The matter is back in Court on 30 May 2018. ASIC is not a party to the liquidators' proceedings. 　

On 5 March 2018, Justice Black extended the orders made 4 September 2017 to 23 March 2018. The orders continue to limit the extent to which the defendants (except the Courtenay House companies) can deal with their assets. The travel restraint order made in relation to Tony Iervasi also continues to 23 March 2018. There was no extension of the orders restraining the defendants from carrying on a financial services business.

When the matter is back in Court on 23 March 2018, the liquidators of the Courtenay House Companies will make an application to be substituted as the plaintiffs in the place of ASIC and seek an extension of the orders made on 5 March 2018 to 30 May 2018. This extension is sought to allow time for the liquidators to hold public examinations and determine whether the liquidators will take any court action against the defendants.

On 1 September 2017, Justice Black made orders in chambers extending the orders made on 1 May 2017 to 5 March 2018. The extension of the orders was sought by ASIC to enable it to continue its investigation into the management and affairs of the Courtenay House Companies.  As a result the matter will not be listed in the Supreme Court on 4 September 2017 and will return to Court on 5 March 2018.　

The orders made on 1 September 2017 are a continuation of the orders restraining the defendants from carrying on financial services business and limiting the extent to which they can deal with their assets. The travel restraint order made in relation to Tony Iervasi also continues to 5 March 2018.

Liquidators appointed by the Supreme Court of NSW

On 16 May 2017, the Supreme Court of NSW made orders winding up and appointing liquidators to Courtenay House Trading Group Pty Ltd and Courtenay House Pty Ltd (Courtenay House Companies).

ASIC sought the appointment of a liquidator so that the affairs of the companies can be wound up in an orderly manner for the benefit of all creditors.

The liquidators are Said Jahani and Peter McInerney of Grant Thornton.

The liquidators now have now have control over the assets and business of Courtenay House Trading Group Pty Ltd and Courtenay House Pty Ltd.  If you would like information about what the winding up of the Courtenay House companies will mean for you and your investment funds please contact Grant Thornton, care of:

Mr Fraser Wilkinson

Email: courtenayhouse@au.gt.com

Phone: (02) 8297 2698         

Further information in relation to liquidation can be found in ASIC's Information Sheet INFO 45 Liquidation: a guide for creditors.

As result of liquidators being appointed on 16 May 2017, the Court dissolved the orders made on 1 May 2017 in respect of the Courtenay House Companies.

Asset preservation orders and orders restraining the carrying on of a financial services business remain in place until 4 September 2017, or until further order, in respect of the following:

• Tony Iervasi;
• David Sipina;
• Athan Papoulias;
• Proactive Property Services Pty Ltd;
• Sipina Enterprises Pty Ltd; and
• TheNowGroup.com.au Pty Ltd.

The orders preventing Mr Iervasi from leaving Australia also remain in place until 4 September 2017, or until further order.