A former contractor to and promoter of Courtenay Home investments has been sentenced to 2 years’ imprisonment and was ordered to finish 120 hours of group service for his function within the unlicensed monetary companies enterprise.
Athan Papoulias, of Brighton Le Sands, NSW, will serve his jail time period by means of an intensive corrections order, after pleading responsible to at least one cost of carrying on an unlicensed monetary companies enterprise, reckless about the truth that the enterprise didn’t have the required licence, and one cost of dealing within the proceeds of crime value $100,000 or extra, reckless as to it being derived from the carrying on if an unlicensed monetary companies enterprise.
Throughout the interval from November 2, 2016, to April 21, 2017, Papoulias obtained a complete of $670,860 in commissions for selling investments in Courtenay Home.
In Could 2017, liquidators had been appointed to the Courtenay Home corporations and the director, Tony Iervasi, was restricted from leaving Australia. On November 8, 2022, Iervasi pleaded responsible to 5 felony prices, 4 of which included partaking in dishonest conduct from December 13, 2010, to April 21, 2017, in relation to $180 million raised by the Courtenay Home corporations from round 585 traders.
“The Courtenay Home corporations represented to traders that their funds can be traded within the Foreign exchange and Futures markets when solely a small proportion of funds had been traded,” ASIC mentioned. “As a substitute, a Ponzi scheme was being run, with month-to-month quantities paid to traders from the capital invested by different traders, with Courtenay Home falsely representing that these quantities had been returns from buying and selling. Mr Papoulias was not conscious that the funds had been used to gas a Ponzi scheme.”
ASIC deputy chair Sarah Courtroom mentioned ASIC has taken civil motion to freeze property, assisted liquidators, and is now seeing justice for traders by means of the felony courtroom.
“To make sure a good and powerful monetary system, and to guard customers, monetary companies companies must be licensed,” Courtroom mentioned. “These selling unlicensed companies shouldn’t assume they’re immune from felony penalties.”
Decide Michael McHugh mentioned Papoulias’ actions had undermined public confidence within the regulatory regime of the monetary companies business. McHugh additionally took into consideration Papoulias’ responsible plea.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral by ASIC.