David Sipina was sentenced to three years in prison under an intensive correction order for his role in unlicensed financial services at Courtenay House.

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

Sipina pleaded guilty to two charges relating to his involvement in the Courtenay House affair. The first charge related to aiding and abetting Tony Iervasi to carry on a financial services business without a license, contrary to section 11.2(1) of the Criminal Code (Cth) and section 911A(1) of the Corporations Act 2001 (Cth), and the second charge related to handling money which he believed to be proceeds of crime worth $1 million or more, contrary to subsection 400.3(1) of the Criminal Code (Cth), derived from his involvement in the unlicensed financial services sector.

In May 2017, liquidators were appointed to the Courtenay House companies and director Iervasi was banned from leaving Australia. On November 8, 2022, Iervasi pleaded guilty to five criminal charges, including running 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 program online and in person from June 2015 to April 2017. He earned approximately $3.9 million in commissions, believed to be proceeds of crime. Although she didn’t know it was a Ponzi scheme, Sipina knew Courtenay House was offering unlicensed financial advice starting in June 2015.

ASIC Deputy Chair Sarah Court said: “ASIC is committed to investigating those who engage in and profit from dishonest conduct. Mr. Spina’s conviction should act as a deterrent to those who operate outside the law and whose actions may have a detrimental effect on trusting consumers. their money with others.”

Sipina is the third person to be convicted for criminal offenses linked to Courtenay House.

On May 8, 2023, former Courtenay House contractor Athan Papoulias was sentenced to two years in prison as part of an intensive corrections order for his involvement in the unlicensed financial services industry. His sentence included 120 hours of community service.

Most recently, on September 2, 2024, former sole director of Courtenay House, Tony Iervasi, was sentenced to 11 years in prison for operating the Ponzi scheme that defrauded 585 investors of $180 million.