Convicted Ponzi scheme mega-fraudster Chris Marco launches appeal against convictions and huge prison term

A former western suburbs fund manager who ripped millions of dollars off clients in a massive Ponzi scheme and splashed it on extravagances is appealing his convictions and sentence. Chris Marco was found guilty of all 43 fraud charges against him after a jury trial and last month jailed for for 14 years, with his lawyer Luka Margaretic saying he had “not seen anything like it in 35 years of practice”. Mr Margaretic immediately vowed his client would appeal both conviction and sentence, and has now lodged documents launching the challenges. He argues that the verdicts “should be set aside because, having regard to the evidence, each is unreasonable and cannot be supported”. The sentence appeal states the term handed down was manifestly excessive, and argues two “express material” errors of fact by Justice Natalie Whitby. Firstly, Marco’s lawyers say the judge wrongly found he did not have a subjective belief that he was investing in “legitimate investments of the type represented to the complainants”. And secondly, she erred by finding that each of the victims “relied upon the appellant’s false representations when they transferred to him the money”, Mr Margaretic’s team says. Over five weeks, the jury was told how the 67-year-old ran one of WA’s biggest investment frauds over almost eight years from early 2011, persuading clients to pour in a stagging $253 million. While a little over $198m was paid back to his clients in interest and redemptions, the money was obtained deceptively, prosecutor Steven Whybrow successfully argued. That was because Marco promised high returns from sophisticated private placements, but the cash was simply pooled in his Westpac accounts and “recirculated”, with new funds used to pay out earlier investors. Every client was encouraged to “roll over” their returns, Mr Whybrow said, and the repayments were “a fundamental part of the ongoing ruse”, making his clients “believe the pot of gold exists”. And the Australian Securities and Investments Commission shut down the scheme in late 2018, Marco blamed the corporate regulator for stopping him eventually making a colossal windfall. He sent just $11m overseas for investments towards the very end of the scam - representing only 4.4 per cent of the funds clients had handed him. But he splashed $21m on houses, rare muscle cars including a 1971 Ford XY Falcon GT-HO, collectables and personal expenses, and his swanky offices in Nedlands were decorated with suits of armour. Mr Margaretic said his client “however misguided ... was a true believer” in the placements and was “attempting” to make investments. The six victims who took part in the trial lost a whopping $34.3m. Justice Whitby said Marco’s offending was extremely serious, persistent and large scale, involving a gross breach of trust. Associated cases are before the courts, including litigation against Westpac. Marco will be eligible for parole after serving 12 years, when he’s aged 79. His co-accused and former executive assistant Linda Anne Marissen was acquitted of all 17 counts of fraud against her.