This is the third guilty plea for the Courtenay House Ponzi scheme investigated by the Australian Securities and Investments Commission (ASIC).
It is alleged that the Courtenay House platform defrauded approximately 585 investors of more than $180 million over more than six years between May 2017 and entering liquidation, promising them high returns from trading in the foreign exchange and futures markets.
In May 2023, former contractor Athan Papoulias was sentenced to two years in prison, to be served on an intensive corrections order, and to complete 120 hours of community service.
Sipina, who is a director of Courtenay House Trading Group and Sipina Enterprises, admitted operating an unlicensed financial services business between June 24, 2015, and April 21, 2017.
His duties included recommending new investors and marketing the business, although ASIC said Sipina allegedly did not realize the business was a Ponzi scheme.
Sipina also admitted criminal dealing in money which he believed to be proceeds of crime in the form of commissions he had received for promoting investment in Courtenay House, despite the property being unlicensed.
After pleading guilty, Sipina was sent to the Sydney Magistrates Court, where a sentencing date has yet to be set.
