Another LNP fail ?
Man behind $395m NDIS investment fraud gets 12 years in prison
May 24, 2024 – 1.07pm
The mastermind of an elaborate fraud that took $395 million from Korean investors who believed they were buying into NDIS housing has been sentenced to 12 years in prison.
Victorian Supreme Court judge John Champion handed down the sentence on Friday, finding Demetrios “James” Charisiou, 63, guilty of obtaining financial advantage through deception and using fake documents to do so.
Downtown Seoul. Demetrios “James” Charisiou defrauded investors in Korea by creating fake documents to raise $395 million. Bloomberg
The verdict brings to an end a criminal matter in which the former management consultant and property developer took nearly $395 million from Korea’s JB Asset Management and KB Securities, which invested on behalf of pension funds.
The extent to which Charisiou sought to deceive his investors was the central point of contention – he pleaded guilty in November – with his lawyers arguing that his was a “hare-brained scheme” caused by a severe deterioration in his mental health.
The prosecution argued it was wrong to describe the “hugely successful” scheme that way. “This was highly sophisticated and calculated offending. It amassed millions and millions of dollars, and it was perceived as legitimate,” said Georgina Coghlan, KC.
