Courtenay House Capital Trading Group director in court on fraud offences

A man accused of costing hundreds of people their life savings in a huge alleged Ponzi scheme posted Facebook pictures from around the world.

Hundreds of mum and dad investors have lost their life savings in one of the country’s biggest alleged Ponzi schemes.

High-flying “Forex” trader Tony Iervasi — the former sole director and shareholder of Courtenay House Pty Ltd and Courtenay House Capital Trading Group Pty Ltd — appeared in Downing Centre Local Court on Tuesday on a slew of fraud offences.

Joining him was Athan Papoulias, 68, a contractor engaged by Courtenay House Capital Trading Group.

They have been charged with criminal offences for their actions relating to an alleged Ponzi scheme which involved 590 investors who paid over $196 million.

Tony Iervasi. Picture: Jeremy Piper

Iervasi, 56, who operated out of an office in Bondi Junction’s Westfield Tower, has been banned from leaving Australia since 2017 by the NSW Supreme Court after he posted Facebook photographs of himself and his girlfriend jetsetting around the world.

The corporate watchdog, the Australian Securities and Investments Commission, will allege that between October 2010 and April 21, 2017, Ievasi and the Courtney House companies duped investors by telling them their money would be traded in the Forex and Futures markets when only a small proportion of their funds was traded.

He is alleged to have paid monthly amounts to investors representing they were returns from trading when little or no trading tool place.

He was operating an unlicensed financial services business.

“ASIC alleges the conduct occurred to allow a Ponzi scheme to operate and grow,” the regulator said on Tuesday.

It is alleged that Papoulias, of Brighton-Le-Sands, promoted the Courtney House business and received commissions despite becoming aware that the financial services business was unlicensed.

Papoulias is charged with dealing in the proceeds of crime worth $1 million or more and aiding and abetting Iervasi in carrying on an unlicensed financial services business.

Iervasi, of Tweed Heads, faces nine criminal charges of dishonest conduct and one charge of carrying on a financial services business without a licence.

In May 2017, the Supreme Court appointed liquidators to the Courtney House companies.

ASIC sought the appointment of a liquidator so that the affairs of the companies can be wound up in an orderly manner for the benefit of all creditors.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions and will return to court on February 22, 2022.

The liquidator of the Courtney businesses, Said Jahani, of Grant Thornton, said the scammed investors received an average return of 25c in the dollar on their net claim.