Melbourne businessman Demetrios ‘James’ Charisiou jailed over $395 million fraud

·

Melbourne businessman Demetrios ‘James’ Charisiou has been sentenced to 12 years in prison for an elaborate fraud scheme that took $395 million from Korean investors.

According to Nine News, 63-year-old Charisiou duped two Korean-based firms into giving his company LBA Capital $394,740,000 in credit under the guise of investing the money into properties supported by the National Disability Insurance Scheme (NDIS) in Melbourne.

None of the properties were purchased and most of the money sat in an account.

In November 2023, Charisiou pleaded guilty to two counts of using false documents and two counts of obtaining financial advantage by deception.

His legal team argued that his was a “hare-brained scheme” caused by a severe deterioration in his mental health.

victoria supreme court

Victorian Supreme Court judge John Champion handed down his sentence on Friday, May 24, and found Charisiou guilty of obtaining financial advantage through deception and using fake documents to do so.

Justice Champion said he was unable to accept that Charisiou had found himself out of his depths in negotiating the deals.

Justice Champion said while Charisiou was unlikely to reoffend, there was a risk he remained driven by his ego and “illusions of grandiosity.”

The judge sentenced Charisiou to 12 years’ jail, with a non-parole period of eight years. The 63-year-old has already spent more than 190 days behind bars.

Source: Nine News

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

IHO NYX brings Greek Rock to centre stage in Sydney this weekend

As Sunday, April 6 approaches, all eyes are on IHO NYX, the band ready to electrify Sydney with a concert dedicated entirely to Greek Rock.

Party for a purpose: Support the Pontian House at the Winter Wonderland Gala 2025

The Pontian Association of NSW Pontoxeniteas will host its highly anticipated Winter Wonderland Gala 2025 on Saturday, May 31, at 6.30 PM.

‘Comedy Cartel’: A night of laughter at the Hellenic Club of Canberra

Get ready for a night of laughter and cultural celebration as Comedy Cartel makes its debut at the Hellenic Club of Canberra this June.

Cypriot courage remembered: Join the ANZAC Day March, keep their legacy alive 

On Anzac Day we commemorate the bravery and good deeds of Australian, New Zealand and Allied forces over many conflicts.

Orthodox Mission in Madagascar uplifted by Australian generosity

As Bishop Theophilos prepares to return to Madagascar, he issued a statement expressing his deep gratitude for the support and affection.

You May Also Like

‘Australia’s greatest’: Harry Kewell on Celtic FC coach Ange Postecoglou

Harry Kewell has opened up about what it's like to work under Celtic FC manager and Greek Australian, Ange Postecoglou.

Greek police seize nearly 1.2 tonnes of cocaine

Greek police say they seized nearly 1.2 tonnes of cocaine and arrested 8 alleged members of an international drug trafficking gang. Almost all of the...

Late goal sees Xanthi FC settle with draw in first match after Australian takeover

A disappointing late own-goal has seen Xanthi FC settle with a draw against Apollon Larissa, with Australian Joshua Brillante making an impressive debut for the Greek side.