Mr Mark Andrew Cyril Stanley, of Melbourne, was today sentenced to five and a half years imprisonment after pleading guilty to stealing approximately $2.79 million from investors and misappropriating over $650,000 from a joint venture. Mr Stanley will serve a non-parole period of three and a half years.

Mr Stanley’s sentence also includes a term of three years, to be served concurrently, for one count of defrauding the Commonwealth regarding sales tax of $884,733. This charge followed an investigation by the Australian Taxation Office (ATO).

During 2003 and 2004, Mr Stanley stole approximately $2.79 million from 25 investors in New South Wales, Victoria, Queensland, Tasmania and the United Kingdom. These investors paid money to companies controlled by Mr Stanley believing the funds would be used to buy land for the development of a retirement village in Berwick, Victoria. The retirement village, known as Casey Downs, was to be developed in conjunction with Primelife Corporation Ltd. The joint venture never went ahead.

Mr Stanley then used the investors’ money for his own purposes, in part to maintain his lifestyle and repay personal and company-related debts.

The Corporations Act charge involved Mr Stanley knowingly making misrepresentations to Primelife regarding funds that were raised to settle on the purchase of the land and providing false documentation.

Mr Stanley also pleaded guilty to one count of dishonestly using his position as a director of St Leonards Property Pty Ltd with the intention of gaining an advantage for himself by authorising five payments totalling $651,621.51 from the bank account of the company.

This related to a joint property venture Mr Stanley entered into with three other individuals in Sydney during 2001. The funds were payable to one of the joint venture participants but were instead disbursed by Mr Stanley in 2002 without the knowledge of the other individuals.

The Commonwealth Director of Public Prosecutions prosecuted the matter.