Mark Estephan, Jamie Close charged over alleged business scheme

An investment firm’s chief executive and his business partner stand accused of sending more than $700,000 of investors’ money overseas while posing as a legitimate company offering “low risk, high reward” investments.

An investment firm CEO and his alleged business partner are behind bars on remand charged with an elaborate alleged scheme which police say cost aspiring investors their savings.

Police charged A.C.E. Global Consulting CEO Mark Estephan, 40, with 43 offences over dozens of transactions in which more than $700,000 was allegedly transferred overseas.

Mark Estephan, 40.

Sutherland Shire Police Area Command’s Superintendent Jason Box said police will allege Estephan and Jamie Close, 49, posed as partners in a legitimate company offering “low risk, high return” investments through various avenues.

“It is quite life-shattering for some people to lose their hard-earned money, put away to invest,” Supt Box said of the allegations.

“They are distraught.”

Two men have been charged as part of ongoing investigations into an international money laundering operation.

Slabs of silver were allegedly seized during the raid.

Former private school boy Estephan – who graduated from De La Salle Cronulla – refers to himself online as the CEO of A.C.E. Global Consulting, the firm which police will allege was at the centre of the ruse.

In documents tendered to the court police allege Estephan was responsible for dozens of transactions ranging from $1800 to $164,000 – all thought to be the proceeds of crime.

At Sutherland Local Court Estephan begged Magistrate Peter Bugden to grant him bail.

“I will do whatever is necessary to get bail,” Estephan pleaded on the audiovisual link.

“I’ve had the luxury of working as an executive at many companies, there are lawyers and judges in my family, and my main fear is that this will negatively affect my reputation.”

Mark Estephan, 40.

Mr Bugden was unmoved and refused Estephan bail.

“The police believe this to be an intricate web of monies placed into the accused’s bank accounts, and then transferred offshore,” Mr Bugden said.

“(Estephan) has no discernible form of income, nor has he lodged a tax return for some years – the funds, it is alleged, are the proceeds of crime.”

Estephan’s solicitor Simon O’Toole had told the court Estephan was not charged with money laundering, but with failing to register himself as a person permitted to conduct overseas transactions.

The 42 counts of “providing registrable designated remittance services while unregistered” are within the Anti-Money Laundering and Counter-Terrorism Financing Act.

Estephan pictured next to actor Billy Bob Thornton.

“He’s not charged with fraud, he’s not charged with money laundering, he’s charged with not being registered with AUSTRAC,” Mr O’Toole told the court.

“He did not do anything secretive – he came up with what he saw as a business model to service clients here who were dealing with companies overseas (and) he instructs me he wasn’t making any money.”

Estephan was also charged with possessing unlawfully obtained goods in relation to $164,150 cash allegedly discovered at his Dolans Bay address during a raid after his arrest.

”$705,243.01 has allegedly been transferred overseas – that’s an enormous amount of money,” Mr Bugden said.

“If that’s the proceeds of crime, which is what the police currently believe, that gives the court some considerable concern.”

Mark Estephan, 40.

Estephan’s partner sobbed in court when he was denied bail to return to court on December 3.

Close will apply for bail at Sutherland Local Court on Friday after his solicitor prepares additional supporting documentation.

He was charged with 18 counts of conducting financial transactions as an unregistered person pertaining to transactions which allegedly ranged from $16,000 to $95,020.20 between January and August this year.

He was also charged with driving on a suspended licence, two counts of dealing in property proceeds of crime and possessing unlawfully obtained goods in relation to 64kg of silver bullion and $10,000 cash allegedly uncovered at his Kirrawee address.

Both men are expected to face Sutherland Local Court today.

Police will allege in court that the men facilitated a number of financial transfers to overseas accounts, despite not being registered with AUSTRAC to provide this service.

The pair allegedly attracted clients through their website and social media ads.

“This company did suggest they were the recipients of awards,” Supt Box said.

“Police will allege this was a fraudulent act undertaken by these two men (and that) they were directly involved in the obtaining of the investment funds and the redistribution of it to overseas accounts.”

As part of their investigations police will look at local avenues to recover any of the money which was allegedly fraudulently obtained from the complainants.

Mark Estephan, 40.

Supt Box also advised potential investors to do their own research and due diligence before entrusting their hard-earned funds to anyone else.

“It’s a timely reminder to make sure you check the credentials of companies you deal with online, through AUSTRAC and ASIC as well as your own inquiries,” Supt Box said.

“A lot of people have worked hard to obtain significant amounts of money hoping to invest and set themselves up for life.”