Charges Against Individuals in Investment Fraud Scheme
The Australian Securities and Investments Commission (ASIC) has brought charges against four individuals in Victoria, including a former barrister, in connection with laundering money derived from a significant investment fraud scheme that involved transferring illicit funds to cryptocurrency platforms. The announcement, made public on Thursday, details allegations that from January to July 2021, Dimitrios (James) Podaridis, Peter Delis, Bassilios (Bill) Floropoulos, and Harry Tsalikidis were instrumental in manipulating assets acquired through bogus bond and investment offerings.
Details of the Charges
ASIC’s statement asserts that the accused were engaged with funds that constituted proceeds from criminal activity and were indifferent to the legality of these assets. Both Podaridis and Floropoulos are facing an extensive 28 charges each under various sections of the Commonwealth Criminal Code regarding their involvement with these funds. Delis is charged with eight counts, while Tsalikidis faces twelve charges, which include assisting and facilitating the actions of his co-defendants.
It is important to note that while ASIC does not claim that these men orchestrated the fraudulent scheme, they are accused of playing a crucial part in the facilitation of victim funds, which were reportedly funneled from Australian banks to offshore accounts or converted into cryptocurrency.
Impact of Investment Scams
This case sheds light on a troubling trend of investment scams that are stripping thousands of Australians of their hard-earned savings. Reports indicate that 2025 has already seen over 90,000 scam notifications amounting to approximately $98 million (around Australian $147 million) in losses, with investment fraud alone accounting for a significant portion of these cases. Just the year prior, losses in Australia from scams approached $213 million (over Australian $319 million), highlighting investment-related schemes as particularly devastating.
Methodology of the Fraudulent Operation
The fraudulent operation associated with the charges levied on Thursday involved the creation of deceptive comparison websites and misleading Facebook advertisements designed to entice victims. Potential investors were contacted through calls or emails and received counterfeit prospectuses that closely resembled genuine materials from established financial firms. These fake investment products promised fixed returns ranging from 4.5% to 9.5% over periods of one to ten years.
Next Steps and ASIC’s Efforts
At this time, ASIC has not provided details on the total amount of money believed to be laundered, nor the number of victims involved, and has not responded to inquiries for additional information. The case is set for a committal mention on October 30, 2025. This initiative is part of ASIC’s broader effort to combat the rise in financial crimes, particularly as concerns mount regarding crypto ATM operations amidst an increase in fraud and money laundering threats.
