A Perth businessman has been charged with defrauding investors to the tune of $36.5 million.
Chris Marco faces 50 charges, all relating to obtaining property with the intent to defraud.
The swathe of charges will be heard in the Perth Magistrates Court on Friday.
Following an investigation, the Australian Securities and Investments Commission alleges that between July 2013 and October 2018, Mr Marco defrauded $36.5 million from nine investors.
Of the $36.5 million, one investor was defrauded of $10 million by investing with Mr Marco, the agency claims.
The maximum penalty for each offence of fraud is seven years imprisonment, or 10 years if the person deceived is 60 years or older.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
The criminal charges come after ASIC took civil action in the Federal Court in 2020 to wind up the unregistered managed investment scheme operated by Mr Marco and AMS Holdings (WA) Pty Ltd, the AMS Holdings Trust.
