‘Illusionist’ investor accused of defrauding millions
According to the court, investors are alleged to have more than 253 million dollars of money promising at the end of a “illusionist” businessman “rainbow” at the end of a “illusionist” businessman “.
Chris Marco, who was tried for fraud, claimed that he was an experienced private investor with special financial opportunities, similar to fixed term deposits and offered healthy returns.
However, prosecutor Steven Whybrow and 67 -year -old Marco used customers’ money in an honest way to pay back to other customers in an illegal operation.
“Marco was kept as a juni that could take people to the golden saucepan at the end of the rainbow, but there was no gold pot,” he said to the Supreme Court of Western Australia on Monday.
“He was very convincing, he was very good, and he created a whole belief.”
Marco and his colleague Linda Anne Marissen, 57 -year -old Linda Anne Marissen, who were tried, were not found guilty of 44 and 30 frauds, respectively on the first day of the eight -week hearing.
“Marco was an illusionist and Mrs. Marissen assistant, Mr Mr. Whybrow said.
“Apparently, through entrances, promotions and accountants who note the good investment returns, Mr. Marco came to meet and talk to a series of people.”
In 327 samples between January 2010 and November 2018, Marco claimed that approximately 150 people were given more than a total of $ 253 million.
However, the plan was a “hungry monster” built on “unstable foundations” and this “water is taking water because it rely on an increasing amount of investment funds to pay return to customers.
When the inspectors froze Marco’s accounts, there was only 12 million dollars in cash, but he owed $ 711 million, and the plan would probably be overthrown in three to four months.
The hearing will receive news from seven complaints, including accountants, a scientist and super -fund manager.
“Based on Mr. Marco’s advice, they provided amounts of money for investment purposes,” Whybrow said. He said.
He continued: “This was paid to one of the non -states of the state and one of the accounts of Mr. Marco … Then it was used to pay the interest promised to other investments.”
Mr. Whybrow took care of drawing attention to that Marco paid all the money owed by people, but the payments came with a hook to convince the money to the plan.
WHYBROW, approximately 78 percent or the collected money was returned to investors about 78.5 percent or 198.5 million dollars, six percent of them were used to buy motor vehicles and property, eight percent or approximately $ 21 million was transferred to Marco and his family and four percent were investigated.
Marissen was allegedly helping Marco helped and helped to commit crimes, because he was aware that he was not used for the purpose of collection.
Mr. Whybrow warned the jury to label the alleged crime as a ponzi plan, and he said there was no criminal accusation for this and that the hearing was about fraud.
The hearing continues.
