Next step in $36.5m investment scheme fraud case

A man is facing 50 fraud charges stemming from an ASIC investigation into his allegedly unregistered investment scheme.

A man, facing 50 fraud charges, has briefly had his case heard in a Western Australian court.

Chris Marco allegedly defrauded nine investors out of $36.5m between July 2013 and October 2018 through an unregistered investment scheme, with at least one investor conned out of $10m.

The charges stem from an Australian Securities and Investments Commission (ASIC) investigation into Mr Marco and his company AMS Holdings (WA) Pty Ltd.

Chris Marco is facing 50 fraud charges after allegedly defrauding investors of $36.5m. Picture: 60 Minutes

Mr Marco did not appear in Stirling Gardens Magistrates Court on Wednesday, instead having his matter heard by consent.

A representative of the Commonwealth Director of Public Prosecutions (CDPP) and Mr Marco’s defence both agreed on the case being adjourned for eight weeks, with his bail conditions renewed.

This means he must remain living at his Mt Hawthorn address and can’t leave WA.

The maximum penalty for each offence of fraud under the Criminal Code WA is seven years’ imprisonment, or 10 years if the person deceived is 60 years or older.

The charges against Mr Marco stem from an ASIC investigation into an alleged unregistered investment scheme through his company AMS Holdings (WA) Pty Ltd. Picture: 60 Minutes

In 2020, ASIC took civil action in the Federal Court to wind up the unregistered managed investment scheme operated by Mr Marco and his company.

He was also banned from carrying on a financial services business without an Australian Financial Services Licence.

Mr Marco’s case will be heard again on June 7.

Originally published as Next step in $36.5m investment scheme fraud case