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Showing 11 - 20 of 59 results for "Ponzi"

Courtenay House affiliate faces prison

CHLOE WALKER  |  TUESDAY, 9 MAY 2023
... tricked 585 investors out of $180 million. According to ASIC, Papoulias was not aware that the funds were used to fuel a Ponzi scheme. Nevertheless, when handing down the sentence, Judge McHugh SC remarked that Papoulias' actions had undermined public ...

SEC charges duo over church-based fraud

JAMIE WILLIAMSON  |  FRIDAY, 5 MAY 2023
A man and his father-in-law were charged by the US regulator for running a $30 million Ponzi scheme in which they targeted churchgoers, gaining their trust with claims their wealth and success was due to divine intervention. According to the SEC, between ...

Ascent Investment ordered into liquidation

KARREN VERGARA  |  WEDNESDAY, 26 APR 2023
... Federal Court has ordered Ascent Investment and Coaching to be wound up following ASIC's investigation into a $149 million Ponzi scheme. ASIC froze the assets of Ascent and its director Michael Dunjey in late December 2021. Dunjey was also forced to ...

Former Courtenay House director pleads guilty

CASSANDRA BALDINI  |  WEDNESDAY, 9 NOV 2022
Former Courtenay House Companies director Tony Iervasi has pleaded guilty to conducting a $180 million Ponzi scheme. Iervasi, who tricked 585 investors into falling for one of the nation's biggest Ponzi schemes, appeared yesterday in the Downing ...

Courtenay House director faces court for alleged fraud offences

CHLOE WALKER  |  WEDNESDAY, 1 DEC 2021
ASIC brings criminal charges against former Courtenay House director and contractor for an alleged $196 million Ponzi scheme. Tony Iervasi and Athan Papoulias have today appeared in the Downing Centre Local Court charged with criminal offences for their ...

Bond scam defrauds SMSFs $2.8m

KARREN VERGARA  |  MONDAY, 15 NOV 2021
... figure is expected to double by the end of the year with increased reports of cryptocurrency scams, imposter bond scams and Ponzi schemes. The 4763 investment scams recorded have jumped 53.4% compared to the 3104 reported in the first half of 2020.

Investment scams set to double

ANNABELLE DICKSON  |  TUESDAY, 24 AUG 2021
... that is expected to double by the end of the year with increased reports of cryptocurrency scams, imposter bond scams and Ponzi schemes, according to the ACCC. New data from Scamwatch revealed there has been a 53.4% increase in reports about investment ...

Bernie Madoff dies in prison

ELIZABETH MCARTHUR  |  THURSDAY, 15 APR 2021
The architect of the largest Ponzi scheme in US history has died in prison aged 82. Bernie Madoff had been serving his sentence at FMC Butner, an administrative security federal medical centre for male offenders located in North Carolina, at the time ...

AFCA left toothless on Mayfair complaints

ELIZABETH MCARTHUR  |  MONDAY, 22 MAR 2021
... with money raised from other M Core noteholders. During court proceedings, ASIC suggested this model was not far from a Ponzi scheme. ASIC could not comment on this issue as its action against Mayfair is ongoing. Consumer Action Law Centre chief executive ...

Mawhinney not dishonest, just irresponsible: ASIC

ELIZABETH MCARTHUR  |  FRIDAY, 12 MAR 2021
... During the hearing, ASIC repeated its accusation that elements of Mayfair 101's business model were not dissimilar to a Ponzi scheme. The regulator alleged that funds raised from investors in Australian Property Bonds, the last product Mayfair launched ...