Businessman Sentenced to 12 Years Behind Bars Over $395 Million NDIS Fraud

Published on May 25, 2024

A businessman has been sentenced to 12 years in prison for duping two Korean firms into giving him over tens of millions of dollars as part of a National Disability Insurance Scheme (NDIS) charade. In 2019, Demotrios “James” Charisiou, 63, conned two Korean-based companies into giving his company, LBA Capital, $394.7 million (US$261 million) in credit, under the guise of investing the money into NDIS-supported properties in Melbourne. None of the properties were purchased and most of the money sat in an account. The businessman pleaded guilty to two counts of falsifying documents and two counts of obtaining financial advantage by deception in November 2023. Announcing the verdict at the Supreme Court of Victoria on May 24, Justice John Champion said the 2019 ruse was sophisticated and complex, with Mr. Charisiou fabricating documents to carry out his ploy....

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