Financial and Business News

215 Investors, $3.9M Commission, And 3 Years Behind Bars

Monday, 23/12/2024 | 08:28 GMT by Damian Chmiel
  • A former Courtenay House promoter has been sentenced for his role in an unlicensed financial services operation.
  • David Sipina becomes the third person sentenced in the Courtenay House scandal that defrauded investors of $180 million.
Jail

Australian authorities have secured a third conviction in the Courtenay House investment scandal, with former promoter David Sipina receiving a three-year prison sentence for his role in an unlicensed financial services operation that collapsed in 2017.

Third Courtenay House Figure Sentenced for $3.9M Unlicensed Scheme Role

The Coffs Harbour District Court ordered Sipina, from Prairiewood NSW, to serve his sentence through an intensive correction order after he pleaded guilty to aiding an unlicensed financial services business and handling criminal proceeds exceeding $1 million.

Between June 2015 and April 2017, Sipina recruited 215 investors while promoting the scheme both online and in person, receiving approximately $3.9 million in commissions. While investigators found no evidence that Sipina knew about the underlying Ponzi scheme , they determined he was aware the operation lacked proper licensing from at least June 2015.

ASIC Deputy Chairwoman, Sarah Court
ASIC Deputy Chairwoman, Sarah Court

“ASIC is committed to investigating people who engage in and profit from dishonest conduct,” said ASIC Deputy Chair Sarah Court. “Mr Sipina's sentencing should be a deterrent to those who operate outside of the law and whose actions can have a detrimental effect on consumers who entrust their money with others.”

$180 Million Forex Ponzi Scheme

The sentencing marks the latest chapter in the Courtenay House saga, which saw approximately 585 investors lose funds in a $180 million scheme. The company's former director, Tony Iervasi, received an 11-year prison sentence in September 2024 for operating the Ponzi scheme, while another contractor, Athan Papoulias, was sentenced to two years in May 2023.

Liquidators have thus far returned 28 cents on the dollar to affected investors through ongoing recovery efforts. The case highlights ASIC 's continued crackdown on unlicensed financial services operations and the serious consequences facing those who operate outside regulatory frameworks.

The successful prosecution, handled by the Commonwealth Director of Public Prosecutions following an ASIC investigation, carries potential maximum penalties of two years imprisonment for unlicensed financial services activities and 25 years for dealing with proceeds of crime worth $1 million or more.

Australian authorities have secured a third conviction in the Courtenay House investment scandal, with former promoter David Sipina receiving a three-year prison sentence for his role in an unlicensed financial services operation that collapsed in 2017.

Third Courtenay House Figure Sentenced for $3.9M Unlicensed Scheme Role

The Coffs Harbour District Court ordered Sipina, from Prairiewood NSW, to serve his sentence through an intensive correction order after he pleaded guilty to aiding an unlicensed financial services business and handling criminal proceeds exceeding $1 million.

Between June 2015 and April 2017, Sipina recruited 215 investors while promoting the scheme both online and in person, receiving approximately $3.9 million in commissions. While investigators found no evidence that Sipina knew about the underlying Ponzi scheme , they determined he was aware the operation lacked proper licensing from at least June 2015.

ASIC Deputy Chairwoman, Sarah Court
ASIC Deputy Chairwoman, Sarah Court

“ASIC is committed to investigating people who engage in and profit from dishonest conduct,” said ASIC Deputy Chair Sarah Court. “Mr Sipina's sentencing should be a deterrent to those who operate outside of the law and whose actions can have a detrimental effect on consumers who entrust their money with others.”

$180 Million Forex Ponzi Scheme

The sentencing marks the latest chapter in the Courtenay House saga, which saw approximately 585 investors lose funds in a $180 million scheme. The company's former director, Tony Iervasi, received an 11-year prison sentence in September 2024 for operating the Ponzi scheme, while another contractor, Athan Papoulias, was sentenced to two years in May 2023.

Liquidators have thus far returned 28 cents on the dollar to affected investors through ongoing recovery efforts. The case highlights ASIC 's continued crackdown on unlicensed financial services operations and the serious consequences facing those who operate outside regulatory frameworks.

The successful prosecution, handled by the Commonwealth Director of Public Prosecutions following an ASIC investigation, carries potential maximum penalties of two years imprisonment for unlicensed financial services activities and 25 years for dealing with proceeds of crime worth $1 million or more.

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About the Author: Damian Chmiel
Damian Chmiel
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Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

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