Yesterday, the Australian Securities and Investments Commission (ASIC) announced criminal proceedings against former Courtenay House director David Sipina. Spina is the third criminal to be charged in connection with Courtenay House Group's $180 million forex Ponzi scheme, and he could face up to 10 years in prison and/or a fine of $810,000.

The charges against Spina follow charges against former Courtenay House Group director Tony Elvasi and former contractor Arsen Papoulias. Iervasi was found guilty in November 2022, and Papoulias entered a guilty plea a month later.

Spina appeared in the Downing Centre Local Court on February 21, 2023, to face charges of carrying on a financial services business without a licence, dealing in proceeds of crime worth $1 million or more and engaging in dishonest conduct in relation to financial products or services.

The Courtenay House Ponzi scheme is believed to have taken place between June 2015 and April 2017. Based on false representations, the group convinced at least 585 investors to invest more than $180 million, saying their money would be traded in the foreign exchange and futures markets. In reality, only a fraction of the money is trading as promised, and most of the new money is being used to pay off old investors.

Spina obtained personal information from investors under false pretenses and used that information to defraud Courtenay House customers. In addition, Spina handled money or other property derived from crime on a commission basis.

Charged by ASIC, Spina could face up to 10 years in prison and/or a fine of $810,000.