Former Courtenay House Director Tony Iervasi to 11 Years

The Australian Securities and Exchange Commission (ASIC) has announced that Tony Iervasi, former director of Courtenay House, has been sentenced to 11 years' imprisonment and seven years' non-parole in the Supreme Court of New South Wales. Iervasi was found guilty of criminal charges related to the operation of the Courtenay House Ponzi scheme, which defrauded approximately 585 investors of around A$180 million.

Iervasi, who served as the sole director and shareholder of Courtenay House from December 2010 to April 2017, admitted to engaging in dishonest conduct involving financial products and services. Despite assurances to investors that their funds would be invested in forex and futures markets, only about 3% of the deposited money was actually traded. The scheme relied on new investor funds to pay returns to earlier investors.

ASIC Deputy Chair Sarah Court emphasized the significance of the sentencing, saying, "ASIC pursued this matter as part of our commitment to protect investors. Mr Iervasi's actions betrayed the trust of his clients and inflicted damage on hundreds of people. Today's sentence demonstrates that such deliberate fraudulent activities will not be tolerated."

​Justice Sweeney described Iervasi's conduct as "egregious," noting the extensive period of offending and the substantial financial impact on victims. The total net loss to investors was approximately A$54 million, with Iervasi personally benefiting from around A$12 million.