Broker in the big house over Ponzi plot

by Adam Smith26 Apr 2012

A WA broker has been jailed for running a Ponzi scheme which defrauded clients out of $1.2m.

The ABC has reported Rockingham-based mortgage broker Mark Booty was found guilty of defrauding seven clients between August 2007 and March 2009.

Prosecutors have told a district court that Booty took money from clients promising to invest it in shares and property, but instead paid company debts and personal expenses. Initially promising investors monthly interest payments, Booty declared himself bankrupt.

While Booty denied defrauding clients, he was found guilty of eight charges and remanded in custody. Booty will be sentenced in June.


  • by Patrick 26/04/2012 1:27:19 PM

    What has this ti do with mortgage broking other than that funds may have been borrowed. The actions of this guy are that of an unlicenced investment manager and/or financial planner. A mortgage broker cannot and does not provide investmenmt advice or services.