Health coach who allegedly ran a get-rich-quick investment scheme asks his mum and brother to help him pay $60,000 bail – despite ‘stealing $2.3million and funneling it into overseas bank accounts’
- Mark Estephan, 40, has been bailed after allegedly stealing more than $2 million
- He ran an investment scheme he allegedly claimed was a low risk, high reward
- His lawyer Michael Moussa agreed to strict conditions in Sutherland Local Court
- Estephan’s mother offered up $50,000 surety and his brother $10,000 for bail
- Jamie Ronald Close, 49, was also arrested by police over the same alleged fraud
A high-flying investment entrepreneur who allegedly funneled more than $2.3million in stolen funds overseas has had to ask his mum and brother to help with his bail.
Mark Estephan, 40, was arrested last month after several of his alleged victims came forward to police claiming they had been defrauded by his business.
Estephan allegedly told potential investors his ACE Global Consulting scheme came with low risk and the likelihood of high reward.
He claimed online that his scheme was run by an ‘AWARD WINNING FIRM’.
This is despite court documents revealing police allege the flashy young investor has ‘no formal training in money markets but rather a background in the health industry’.
Estephan faced Sutherland Local Court on Monday where he was granted bail, but only after his mother coughed up $50,000 and his brother chipped in $10,000.
Mark Estephan (pictured), 40, was arrested last month after several of his alleged victims came forward to police claiming they had been defrauded by his business
The high-flying investment entrepreneur allegedly funneled more than $2.3million in stolen funds overseas, but had to ask his mum and brother to help with his bail at Sutherland Local Court on Monday
After his solicitor Michael Moussa made a release application, the prosecution laid a series of further charges against Estephan – taking the total to 55.
Estephan was released on strict conditions including that he reside at home with his partner.
Police also last month arrested his partner in the alleged fraud scheme, Jamie Ronald Close.
Close, 49, was also slapped with more than 20 criminal charges, including 18 related to anti-money laundering.
Detectives had been monitoring the phones of the two men as they allegedly discussed how to move money overseas.
Police last month revealed that with assistance from the financial intelligence bureau AUSTRAC, unauthorised transfers from the men were allegedly going to the Middle East, Asia and Europe.
Police also last month arrested Estephan’s partner in the alleged fraud scheme, Jamie Ronald Close (pictured)
Estephan’s solicitor Michael Moussa (pictured) applied for his client to be released on strict conditions including that he reside at home with his partner
So far nine alleged victims have been identified in Victoria, Western Australia, NSW and Queensland.
‘Part of their ploy was to reward these customers with small returns and then of course they were convinced to invest larger amounts,’ Sutherland Police Area Command Crime Manager, Detective Inspector Andrea Panozzo, said last month.
‘And we tracked the funds into [accounts controlled by the accused men] and we noticed they were being transferred offshore to Asian, Middle Eastern and European countries.’
Estephan will return to Sutherland Local Court in the new year.
Estephan will return to Sutherland Local Court (pictured) in the new year