Perth Investor Fraud: Chris Marco Convicted in $34 Million Ponzi-Style Scheme

Perth businessman Chris Marco has been found guilty of running a large-scale investment fraud that misled dozens of investors with promises of high returns. The 67-year-old, from Applecross, was convicted on 43 counts of fraud involving more than $34 million after a five-week trial in the Supreme Court of Western Australia. His long-time assistant, Linda Marissen, was acquitted of all charges.

The verdict comes after years of investigation into a scheme that prosecutors said carried the hallmarks of a Ponzi operation. Investors were told their funds would be placed in exclusive “private placement programs” and offshore banking arrangements that could generate returns far above market rates. In reality, the money was never invested. Instead, contributions from new clients were redirected to pay earlier ones, sustaining an illusion of profitability while encouraging reinvestment.

Court testimony showed how persuasive Marco’s methods were. One investor recalled being assured that millions were held in an HSBC account in Jersey as a security buffer. When regulators later examined the account, the balance was just $273. Another investor said Marco promised an annual return of 12 per cent and encouraged rolling over the capital after maturity. Several admitted that the regular payouts made them believe the business was genuine — until the structure collapsed once fresh inflows slowed.

Between 2010 and 2018, Marco raised more than $250 million from 151 individuals. Roughly $200 million was paid out before the Australian Securities and Investments Commission (ASIC) stepped in. Six complainants provided evidence during the trial, describing losses and the sense of betrayal after learning their funds had simply been recycled. Prosecutors reminded the jury that fraud does not depend on whether money was eventually returned, but on whether it was obtained dishonestly.

The court heard that Marissen, who worked as Marco’s executive assistant, signed documents for him but did not handle investor complaints or financial details. The jury accepted that she had no knowledge of the deception and returned not guilty verdicts on all counts against her.

ASIC had already pursued civil action against Marco in the Federal Court in 2020, which resulted in the winding up of his company, AMS Holdings, and a permanent ban on him providing financial services without a licence. The criminal trial followed in 2022 after ASIC laid 50 charges of fraud, later refined to the 43 counts considered by the jury.

Deputy Chair Sarah Court said the guilty verdicts bring closure to many investors: “This result delivers justice to investors who Mr Marco defrauded and speaks to ASIC’s painstaking investigation into this complex matter.”

Marco has been remanded in custody ahead of sentencing on 30 October 2025. Prosecutors have indicated they will seek a lengthy prison term, likely in the “double-digit” range.

For many, the case is a reminder of how easily unlicensed operators can build trust and move vast sums under the promise of exclusive opportunities. Once again, the familiar pattern emerged — high returns, complex jargon, reinvestment pressure, and secrecy — the same ingredients that fuel countless Ponzi-style schemes worldwide.