Australian authorities have secured a third conviction in
the Courtenay House investment scandal, with former promoter David Sipina
receiving a three-year prison sentence for his role in an unlicensed financial
services operation that collapsed in 2017.
Third Courtenay House Figure Sentenced for $3.9M Unlicensed Scheme Role
The Coffs Harbour District Court ordered Sipina, from
Prairiewood NSW, to serve his sentence through an intensive correction order
after he pleaded guilty to aiding an unlicensed financial services business and
handling criminal proceeds exceeding $1 million.
Between June 2015 and April 2017, Sipina recruited 215
investors while promoting the scheme both online and in person, receiving
approximately $3.9 million in commissions. While investigators found no
evidence that Sipina knew about the underlying Ponzi scheme , they determined he
was aware the operation lacked proper licensing from at least June 2015.
“ASIC is committed to investigating people who engage
in and profit from dishonest conduct,” said ASIC Deputy Chair Sarah Court.
“Mr Sipina’s sentencing should be a deterrent to those who operate outside
of the law and whose actions can have a detrimental effect on consumers who
entrust their money with others.”
$180 Million Forex Ponzi Scheme
The sentencing marks the latest chapter in the Courtenay
House saga, which saw approximately 585 investors lose funds in a $180 million
scheme. The company’s former director, Tony Iervasi, received an 11-year prison
sentence in September 2024 for operating the Ponzi scheme, while another
contractor, Athan Papoulias, was sentenced to two years in May 2023.
Liquidators have thus far returned 28 cents on the dollar to
affected investors through ongoing recovery efforts. The case highlights ASIC ‘s
continued crackdown on unlicensed financial services operations and the serious
consequences facing those who operate outside regulatory frameworks.
The successful prosecution, handled by the Commonwealth
Director of Public Prosecutions following an ASIC investigation, carries
potential maximum penalties of two years’ imprisonment for unlicensed financial
services activities and 25 years for dealing with proceeds of crime worth $1
million or more.
Australian authorities have secured a third conviction in
the Courtenay House investment scandal, with former promoter David Sipina
receiving a three-year prison sentence for his role in an unlicensed financial
services operation that collapsed in 2017.
Third Courtenay House Figure Sentenced for $3.9M Unlicensed Scheme Role
The Coffs Harbour District Court ordered Sipina, from
Prairiewood NSW, to serve his sentence through an intensive correction order
after he pleaded guilty to aiding an unlicensed financial services business and
handling criminal proceeds exceeding $1 million.
Between June 2015 and April 2017, Sipina recruited 215
investors while promoting the scheme both online and in person, receiving
approximately $3.9 million in commissions. While investigators found no
evidence that Sipina knew about the underlying Ponzi scheme , they determined he
was aware the operation lacked proper licensing from at least June 2015.
“ASIC is committed to investigating people who engage
in and profit from dishonest conduct,” said ASIC Deputy Chair Sarah Court.
“Mr Sipina’s sentencing should be a deterrent to those who operate outside
of the law and whose actions can have a detrimental effect on consumers who
entrust their money with others.”
$180 Million Forex Ponzi Scheme
The sentencing marks the latest chapter in the Courtenay
House saga, which saw approximately 585 investors lose funds in a $180 million
scheme. The company’s former director, Tony Iervasi, received an 11-year prison
sentence in September 2024 for operating the Ponzi scheme, while another
contractor, Athan Papoulias, was sentenced to two years in May 2023.
Liquidators have thus far returned 28 cents on the dollar to
affected investors through ongoing recovery efforts. The case highlights ASIC ‘s
continued crackdown on unlicensed financial services operations and the serious
consequences facing those who operate outside regulatory frameworks.
The successful prosecution, handled by the Commonwealth
Director of Public Prosecutions following an ASIC investigation, carries
potential maximum penalties of two years’ imprisonment for unlicensed financial
services activities and 25 years for dealing with proceeds of crime worth $1
million or more.
This post is originally published on FINANCEMAGNATES.
