Chris Marco fraud case : A businessman who lured investors with promises of a “pot of gold at the end of a rainbow” is now in custody awaiting sentencing after defrauding them of millions.
Chris Marco was found guilty on 43 counts of fraud for unlawfully obtaining more than $34 million from six clients, convincing them they would earn strong returns from investment schemes that never existed.
According to the Western Australian Supreme Court, the 67-year-old had assured his victims that he was a seasoned private investor with access to exclusive financial opportunities comparable to fixed-term deposits.
Businessman Chris Marco Convicted of Multi-Million-Dollar Fraud
In truth, however, he was nothing more than an “illusionist,” using money from new investors to pay returns to earlier clients, prosecutor Steven Whybrow told the court during the five-week trial.
Marco relied heavily on word-of-mouth recommendations, personal introductions, and even accountants impressed by his promises of generous returns to attract potential investors.
“He led people toward what they believed was a pot of gold at the end of the rainbow — but there was no gold at all,” Whybrow said.
Would you like me to keep the metaphorical style with the “pot of gold” reference, or make it more straightforward and factual?
$253 Million Raised from 150 Investors Over Eight Years
Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), said the verdict signaled the close of a troubling chapter.
“This outcome delivers justice for the investors Marco defrauded and reflects ASIC’s thorough investigation into such a complex case,” deputy chair Sarah Court said.
Between January 2010 and November 2018, Marco allegedly received more than $253 million from around 150 individuals across 327 separate transactions.
Prosecutor Steven Whybrow described the scheme as a “hungry beast” built on “flimsy foundations,” already “taking on water” because it depended on an ever-growing flow of investor funds to keep paying returns.
When investigators froze Marco’s accounts, he held just $12 million in cash against $711 million in cumulative guarantees, and the court heard the scheme would likely have collapsed within three to four months.
Roughly 78 percent, or $198.5 million, of the money Marco raised was returned to investors. About six percent went toward motor vehicles and property, eight percent — around $21 million — was transferred to Marco and his family, and four percent was actually invested.
Following the verdict, Marco’s lawyer, Luka Margaretic, indicated plans to appeal the convictions.
Marco’s former executive assistant, 57-year-old Linda Marissen, was acquitted of 17 fraud charges.
She had originally faced 30 counts, but 13 were dismissed during the trial after the jury found there was not enough evidence to prove beyond a reasonable doubt that she had assisted Marco in carrying out the frauds.
Marco, meanwhile, has been remanded in custody and is scheduled to be sentenced on October 30.
Leave a Reply