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Property developer Mark Letten jailed for Titanic $100m investment scheme
Topic Started: 14 Aug 2014, 10:04 PM (670 Views)
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Property developer jailed for 'Titanic' $100m investment scheme

August 14, 2014 - 4:06PM
Georgia Wilkins

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.

Letten, 60, of South Yarra, appeared in the Victorian County Court on Thursday over 27 charges relating to his operation of the 21 schemes over a 10-year period.

Letten managed the schemes through a number of companies including LGH Holdings. He used investors' money to buy development properties across Victoria, New South Wales, Queensland and New Zealand.

The schemes were wound up by the regulator in 2010, costing investors $67 million.

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.

In his sentencing remarks, Judge Michael McInerney described 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".

Read more: http://www.smh.com.au/business/property-developer-jailed-for-titanic-100m-investment-scheme-20140814-103ygr.html
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Ned Flanders
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This property business seems to attract a lot of frauds.
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" ... which is that all-too-familiar dynamic in Irish life where people tell lies, cover them up and create all sorts of collateral damage, sometimes spread out over decades, and never take responsibility."
- Alan Glynn
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Blondie girl
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21 schemes over , 10 yrs plus not registered, I think he had some discretionary "assistance" with certain contacts...


Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$
It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged
Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do.
Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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szokolay
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Ned Flanders
14 Aug 2014, 10:34 PM
This property business seems to attract a lot of frauds.
It never used to. Just another telltale sign of a bubble, in the end all the lies come to the surface and then the regulators step in and promise it will never happen again... Until the next time.
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