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

Greece, Cyprus and Australia join condemnation of Israeli settlement plans

Greece, Cyprus, Australia were among 25 countries in a joint declaration condemning Israel’s plans to build settlements in the E1 area.

Magna Graecia – Part 6: The eternal return

Across this series, we have journeyed through the Greek settlements of southern Italy, tracing how Hellenic civilisation spread.

Kiato: Greece’s seaside town loved by locals and the diaspora

Kiato is a seaside town, about 25 kilometres from Korinthos on the northern coast of the Peloponnese. On the national highway.

Changing your name and surname abroad and in Greece

It is generally known that in Greece to live and work many foreigners have acquired Greek citizenship by naturalisation or by determination.

Action over inertia: Building the future of the Greek diaspora in Australia

It is necessary that we now be led to the need of finding mechanisms that will halt the demographic withering, the social inertia and the cultural thinning.

You May Also Like

Greece rejects major parts of a US arms package

The Hellenic Armed Forces has refused to accept most of the offered weapon systems from US stockpiles due to high refurbishment costs.

Vasso Morali appeals conviction in defamation case against Archbishop Makarios

Vasso Morali will appeal a Greek court's decision to sentence her following repeated defamatory slander of Archbishop Makarios of Australia.

Lesvos set to introduce fast-track visas for Turkish citizens

From April 1, Turkish citizens will be eligible for fast-track visas for travel to Lesvos, as revealed by Mytilini Mayor Panagiotis Taktikos.