Ponzi Scheme Managed Account Question - Courtenay House Trading Group

[FxMaster]

Hi All,

This is my maiden post, nice to meet you all. My names Blake, I am a lawyer in Sydney.

I am keenly watching the developments in the Courtenay House case and first wanted to express my sincere condolences to those victims who have been misled or deceived. Unfortunately, there continues to be very significant issues in regulating foreign exchange trading for retail investors and ASIC is doing its best to prevent unscrupulous behavior.

It is very commendable to see this community warn others of the danger of unlicensed operators and ponzi schemes.

As I understand it, a key part of Courtenay Houses business was obtaining new clients by way of referrals.

I am interested to know whether anyone was referred to Courtenay House by an Investment Advisor, Stockbroker or other Licenced Professional and lost money. If so, there may be a claim against the advisor, the proceeds of which could be covered by an existing Insurance Policy. I would be interested to hear from anyone via private message if this is the case.

The latest update is that Lord Kyle Lester Sheridan brought an urgent application seeking leave (the court's permission) to institute proceedings against the company whilst it is in liquidation to seek the return of $10.6 Million. Justice Brereton refused that application on the basis that other creditors had competing claims and that the ordinary procedure in liquidation is to have a claim determined by lodging a proof of debt with the liquidator. The decision is here: https://www.caselaw.nsw.gov.au/decision/5a73e4f2e4b074a7c6e1c012

The liquidators have commenced proceedings asking the court to resolve a question of which creditors are entitled to certain "Brexit" funds. That hearing is scheduled to proceed on 29 March 2018.

Can we have any link to your law firm?

 

[MightyOwl]

Anyone got update on the court case on 29th march? thanks.

 

[carnelian]

Anyone got update on the court case on 29th march? thanks.

I don't think we have any update on it. At least I don't have some update on it.

 

[Forthepeople]

https://asic.gov.au/about-asic/medi...d-courtenay-house-pty-limited/#Update-23March

 

[Pharaoh]

The company had offices people could visit. One part of it was even registered with ASIC. Investors with enough to put in could meet some of the board members in person. It had insurance policies they claimed protected clients (most of the policies seemed designed to protect the company, but the exact wording of one that might have provided some coverage for clients was "secret"). It had all sorts of other ways to reassure people, especially people who wanted to believe in free money.

The company also had clear and obvious warning signs of being a Ponzi Scheme. It doesn't matter what other positive signs a company has. There are no "special exceptions" which allow a "unique" company or "genius" trader to defy the basic rules of risk and reward When you see those red flags, you should take your money and run the other way.

 

[Forthepeople]

Has there been any updates relating to this matter?
They are in court today from my understanding.

 

[qualifiedspectator]

Does anyone know if criminal charges have been laid against any of those responsible (Iervasi, Sipina, Papoulias)??

Also are any of these three still in Sydney? Any word on their whereabouts?

 

[Lanceoff]

I have attended the Supreme court on numerous occasions and read all the liquidators reports & it is evident that the sole director Tony Iervasi was the only person in the Courtenay House who really knew what was going on as no one else had access to the company banking statements etc. Tony Iervasi was a secretive big time gambler who misled staff members, his own family and investors alike. Tony Iervasi went to extraordinary measures to mislead and convince everyone he was trading, doing the right thing and generating the returns he stated. Unfortunately it has turned out a bad investment decision for all involved and the liquidators are making a fortune trying to recover the funds Tony Iervasi misappropriated.

 

[WilliamJcarter]

Theres got to be a real way to regulate options trading companies. Whats the best way?

 

[One of the good guys]

Has there been any further developments in regards to investors retrieving their moneys or criminal proceedings against Tony?

Hope all the Sydney locals are managing well during this tough time.