ASIC prosecution leads to 3-year sentence for Courtenay House promoter

The former contractor and promoter of Courtenay House investments has been sentenced to three years’ imprisonment, to be served by way of an intensive correction order, for his role in the unlicensed Courtenay House financial services business.

Sipina pleaded guilty to two charges related to his involvement in the Courtenay House matter. The first charge related to aiding and abetting Tony Iervasi to carry on an unlicensed financial services business contrary to s 11.2(1) of the Criminal Code (Cth) and s 911A(1) of the Corporations Act 2001 (Cth), and the second charge related to dealing with money that he believed to be proceeds of crime worth $1 million or more, contrary to s 400.3(1) of the Criminal Code (Cth), derived from his involvement in the unlicensed financial services business.

In May 2017, liquidators were appointed to the Courtenay House companies, and director Iervasi was barred from leaving Australia. On 8 November 2022, Iervasi pleaded guilty to five criminal charges, including operating a Ponzi scheme that raised $180 million from 585 investors between December 2010 and April 2017.

ASIC revealed that Sipina recruited and managed 215 investors while marketing the scheme online and in person from June 2015 to April 2017. He earned around $3.9 million in commissions, deemed proceeds of crime. While unaware it was a Ponzi scheme, Sipina knew Courtenay House was offering unlicensed financial advice from June 2015 onward.

ASIC Deputy Chair Sarah Court said: "ASIC is committed to investigating people who engage in and profit from dishonest conduct. Mr Spina’s sentencing should be a deterrent to those who operate outside of the law and whose actions can have a detrimental effect on consumers who entrust their money with others."

Sipina is the third person to be sentenced for criminal offences relating to Courtenay House.

The matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) after an investigation and referral by ASIC.