Architectural Designer Sentenced in Major Investment Scam

A former architectural designer has been sentenced to 12 months of home detention for his role in an elaborate investment scam that defrauded two women out of $235,000. The man, whose identity remains undisclosed due to an 11th-hour appeal filed with the High Court, played a key role in transferring the stolen funds to Singapore through his ASB bank account.

The court heard that the man admitted to two money laundering charges in early 2023, during which he allowed his account to be used as a conduit for the victims’ funds. The judge, Stephen Bonnar, KC, emphasized that the defendant had knowingly participated in the scheme, despite recognizing the possibility that the funds were proceeds of crime.

As part of his sentence, the man was ordered to pay $60,000 in reparation to one victim and $7,800 to the other. The appeal, filed hours before the deadline, argues that the judge made an error in determining the man’s level of culpability and the consequences of naming him. The case will now proceed to a High Court hearing.

One of the victims, Carla O’Neil, lost $100,000 in the scam, believing it was a legitimate Citibank term deposit. She described the emotional and physical toll of the loss, including severe stress, sleepless nights, and trauma-related health issues.

The other victim, who lost $135,000, described her savings as the result of years of hard work intended to secure her son’s financial future. Both victims expressed feelings of profound shame and a loss of trust in people and the internet.

The defendant’s lawyer argued that he was remorseful and had no prior criminal record. He had also begun making weekly reparations to the victims. However, the judge denied the application for name suppression, stating that the public had a right to know the man’s identity and that the negative impact on his professional reputation was a necessary consequence of his actions.

While the judge acknowledged the defendant’s personal circumstances, he made it clear that his involvement in the scam had facilitated the movement of illicit funds offshore and that the victims’ suffering was real and significant.

This case highlights the growing complexity of financial crimes and the need for greater awareness among the public regarding the risks of online investment schemes.