Perth businessman Chris Marco has been ordered by a magistrate not to leave Western Australia as he made his first court appearance on 50 charges of fraud.
An undischarged bankrupt, Mr Marco was given bail with a surety of $250,000 and a personal undertaking of $250,000 in the Perth Magistrates Court on Friday.
He was charged by summons last Saturday over his alleged role in defrauding nine investors out of $36.5 million between July 2013 and October 2018.
Magistrate Elaine Campione also ordered Mr Marco to not contact his friend and former personal assistant Linda Marissen, who the court was told was under investigation.
Mr Marco is required to only live at his Mt Hawthorn home and surrender all passports, although the court was told his Australian passport was already being held by his bankruptcy trustee.
The charges against Mr Marco result from an ASIC investigation into an unregistered investment scheme he ran through his company AMS Holdings (WA) Pty Ltd.
The maximum penalty for each offence of fraud is seven years' imprisonment, or 10 years if the person deceived is 60 years or older.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
