Unregistered MIS operator found guilty of $34m fraud
Unregistered managed investment scheme (MIS) operator, Chris Marco, has been found guilty of 43 charges of fraud by a Supreme Court of Western Australia jury.
Marco was found guilty on 4 September of all charges of fraud, which totalled over $34 million relating to six investors, in a unanimous verdict following a five-week trial.
He had initially been charged in July 2022 with 50 counts of fraud under section 409 of the Criminal Code (WA), with ASIC alleging he had obtained over $36.5 million from nine investors between July 2013 and October 2018 with intent to defraud, by deceit or fraudulent means. This was subsequently reduced down to 43 counts.
ASIC described how the conclusion of the four-year ASIC investigation marked “the end of a sorry chapter” for his victims.
Deputy chair Sarah Court said: “Today’s guilty verdicts mark the end of a sorry chapter that many of Marco’s investors would rather forget. This result delivers justice to investors who Marco defrauded and speaks to ASIC’s painstaking investigation into this complex matter.”
His executive assistant Linda Marissen had been charged with 30 counts of fraud but was acquitted of all charges. The jury found there was insufficient evidence to be satisfied beyond reasonable doubt for 13 of the charges, while the remaining 17 were ruled “not guilty”.
ASIC had alleged that between February 2014 and October 2018, Marissen enabled or aided Marco to defraud more than $29.5 million from six investors.
Marco has been remanded in custody for sentencing on 30 October 2025. The maximum penalty for each offence of fraud under the Criminal Code (WA) is seven years’ imprisonment or 10 years’ imprisonment if the person deceived is of or over 60 years of age.
The matter was investigated by ASIC and prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP).
ASIC had previously taken civil action in December 2020 to wind up the unregistered MIS operated by Marco and AMS Holdings (WA), the AMS Holdings Trust, and also ordered him to be permanently restrained from carrying on a financial services business without an Australian Financial Services Licence or operating an unregistered managed investment scheme.
AUTHOR
Laura Dew
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