The head of a “reprehensible” Ponzi scheme, Tony Iervasi, has been sentenced to 11 years in prison for his role in a $180 million plot that devastated many victims who lost their life savings.
Justice Deborah Sweeney highlighted the severe impact of Iervasi’s actions on investors, leading to financial ruin and broken relationships.
Iervasi used investor funds for personal luxuries like gambling and luxury cars, deceiving them by falsely claiming profits from trading.
Despite returning some funds to investors, millions remain unrecovered due to the Ponzi scheme’s unsustainable structure.
The scheme, operated by Iervasi through Courtenay House, falsely promised returns from foreign exchange and futures markets, exploiting investors’ trust.
The Australian Securities and Investments Commission intervened in 2017, freezing assets and revealing the fraudulent nature of the scheme.
Other individuals involved, like Athan Papoulias and David Sipina, faced legal consequences for their roles in promoting the Ponzi scheme without knowledge of its true nature.