A convicted Ponzi scheme fraudster, who swindled millions from hopeful investors, is now fighting to overturn his convictions and lengthy prison sentence. Chris Marco was found guilty on 43 counts of fraud and jailed for more than a decade for operating a massive investment scam.
The Details of the Multi-Million Dollar Fraud
In September, Chris Marco was found guilty of 43 fraud charges after illegally accepting more than $34 million from six victims. The 67-year-old had promised these individuals healthy returns from exclusive investment schemes that, in reality, did not exist. The sentencing took place in Western Australia's Supreme Court in October, where Justice Natalie Whitby handed down a 14-year prison sentence. Marco will be eligible for parole after serving 12 years.
The Grounds for Appeal and the Scale of the Deception
Marco has now lodged an appeal, seeking to have all 43 guilty verdicts quashed. His legal team argues that the convictions were unreasonable and cannot be supported by the evidence. They also contend that his sentence was excessive and that the judge erred in her ruling by finding that Marco knew his schemes were fraudulent from the outset.
The notice of appeal further challenges Justice Whitby's determination that Marco's victims were deceived into transferring their money to him. In total, Marco accepted a staggering $253 million from investors. Over an almost eight-year period leading up to 2018, he repaid nearly $200 million in a classic Ponzi scheme fashion, using new investors' money to pay returns to earlier ones. This continued until the corporate watchdog intervened and he declared bankruptcy.
The Fraudster's Fabricated Persona
When sentencing him, Justice Whitby revealed the depth of Marco's deception. He presented himself to victims as a successful private investor and a high-wealth businessman who had made large sums from investing. He claimed decades of experience had given him access to risk-free, exclusive private placement programs.
The truth was far different. The court heard that Marco was, in fact, an 'unremarkable' country boy whose previous business experience involved owning and operating 16 businesses, including video shops, laundromats, and newspaper rounds. He invested less than five per cent of the funds he received and made no actual profit, despite guaranteeing high rates of return. Justice Whitby stated that Marco knew his promises were untrue and used investors' own money to create the illusion of returns, purely to perpetuate his fraudulent scheme.
