Already a subscriber?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.
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. Justice Champion said the limited medical records about Charisiou’s deteriorating mental health, combined with his professional success, led him to conclude that the former KPMG adviser knew his scheme was fraudulent but followed through with it.
“They have fraudulently used my signature. They have not bought one apartment,” Caydon’s founder, Joe Russo, toldCharisiou also pleaded guilty to falsifying documents that made untrue claims to the investors, including that LBA Capital was a, and that former Lendlease Australia CEO – and now Queensland Investment Corporation chief executive – Kylie Rampa chaired LBA Capital’s advisory board.