Property developer Mark Letten has been sentenced to 5 years and 8 months’ jail for operating what a judge described as the "Titanic" of unregistered investment schemes, worth $100 million.
In handing down his judgement, Justice Michael McInerney described Mr Letten’s property empire as an "economic shamble or shemozzle that was doomed to failure". "This whole enterprise, which was overseen by Mr Letten, had more severe structural defects than the Titanic," he said. "Like the Titanic, it sank ignominiously".
Mr Letten pleaded guilty to the charges in January, which included 21 charges of running unregistered schemes, one charge of running a financial services business without a licence and five charges of dishonestly using his position for his own advantage.
However Justice McInerney rejected this argument, saying Mr Letten had been on a "downward spiraling of economic frolic", deliberately taking grave risks with investors’ money.
Read more here: SMH