Illusionist Chris Marco Guilty of $34M Fraud
An Australian businessman once described as an “illusionist” has been found guilty of orchestrating a massive multimillion-dollar fraud scheme that left scores of investors out of pocket.
Chris Marco, 67, was convicted in the Western Australian Supreme Court of 43 charges of fraud after swindling more than $34 million from six clients.
False Promises of Wealth
Prosecutors said Marco presented himself as a skilled private investor offering exclusive financial opportunities that promised returns similar to fixed-term deposits. He persuaded clients through word-of-mouth referrals and glowing recommendations from accountants impressed by supposed results.
In reality, Marco was running a Ponzi-style scheme, using money from new investors to pay supposed “returns” to earlier ones.
“He took people to the pot of gold at the end of the rainbow, but there was no pot of gold,” prosecutor Steven Whybrow told the court.
The Scale of the Scheme
Between 2010 and 2018, Marco allegedly took in more than $253 million from around 150 people across 327 transactions. While about 78 percent of the funds — roughly $198.5 million — were returned to investors, the system was described as a “hungry beast” that relied on a constant influx of new money.
When investigators froze his accounts, Marco reportedly had only $12 million in cash left, despite owing more than $700 million in cumulative guarantees. Authorities said the scheme was weeks away from collapse.
Court documents showed that about $21 million was transferred to Marco and his family, six percent went toward luxury vehicles and property, and only four percent was actually invested.
ASIC and Court Reaction
The Australian Securities and Investments Commission (ASIC), which investigated Marco for years, hailed the verdict.
“This result delivers justice to investors, who Marco defrauded, and speaks to ASIC’s painstaking investigation into this complex matter,” deputy chair Sarah Court said.
Co-Accused Cleared
Marco’s former assistant, Linda Marissen, 57, who had faced 30 charges of fraud, was acquitted of all remaining allegations. The jury found there was not enough evidence to prove she knowingly assisted in the scheme.
What’s Next
Marco’s lawyer, Luka Margaretic, indicated that the convictions will be appealed. In the meantime, Marco has been remanded in custody and is scheduled for sentencing on October 30.
