Ponzi scheme operators plead guilty to ASIC charges
The Australian Securities and Investments Commission (ASIC) announced that Brian Wood of Davistown and Jimmy Truong of St John's Park have pleaded guilty in the Downing Centre Local Court in Sydney to operating a Ponzi scheme called the Integrity Plus Fund.
Facing the Court on 5 June 2012, Mr Wood pleaded guilty to a total of 10 charges, including six counts of making false statements to investors and four counts of fraudulently misappropriating investors' funds. Mr Truong pleaded guilty to four charges of making false statements to investors. Both men falsely stated to investors that their investments would earn returns of 4% per month and that the capital amounts of their investments were guaranteed.
A third man, Con Koutsoukos of Wiley Park, has not entered a plea to three charges of making false statements to investors.
Mr Wood and Mr Truong will next appear in the District Court at Sydney for sentencing on 15 June 2012. Mr Koutsoukos's matter has been adjourned and he will next appear at the Downing Centre Local Court on 3 July 2012.