Perth businessman Chris Marco guilty of defrauding investors, assistant acquitted

1 week ago 4

A Supreme Court jury has found Perth businessman Chris Marco guilty of defrauding his clients of millions of dollars by investing their money into overseas scams and hedging their investments in real estate and luxury cars.

However, his executive assistant Linda Marissen has been acquitted of all charges against her.

Chris Marco outside the WA Supreme Court.

The verdict comes after a marathon trial and almost a week’s deliberation by the jury, with prosecutor Steven Whybrow leading the case against Marco and Marissen brought by the Australian Securities and Investments Commission.

Whybrow alleged Marco would purport to invest money on behalf of his clients – sometimes millions of dollars – but “the state’s case is there were no investments”.

Marco was charged with 43 counts after allegedly defrauding clients of about $30 million dollars.

Marco’s defence lawyer Luka Margaretic argued throughout the trial the financier had no intention to defraud his investors, and had been duped by sophisticated overseas operators.

However, the jury found Marco guilty on all charges.

Marissen was accused of 17 offences, however Supreme Court Justice Natalie Whitby found her not guilty on a number of the counts throughout the trial. The jury acquitted her of the remainder.

Seven complainants delivered evidence at the trial, including an insurance underwriter, an environmental consultant, a forensic accountant and a Perth financial planner.

They said their often generous returns had always been on time for their investments, until ASIC shut Marco’s business down in November 2018.

The state alleged Marco had not told his investors some of their money had been sunk into real estate and luxury cars, and some said they would never have invested with him if they had known where their money was going.

Margaretic applied for bail on behalf of Marco, who he said was experiencing health issues and was in his 60s.

However, Whybrow opposed bail, and said the sentencing would likely be in the “double digits”.

Whitby agreed it would be likely Marco could face a term of immediate imprisonment and refused bail.

Sentencing will take place on October 30.

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