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Former Blue Chip boss Mark Bryers jailed in Australia

Mark Bryers, the former head of the failed Blue Chip finance group, has been sentenced to six years in prison in Australia for his role in a Ponzi scheme that defrauded investors of over $120 million. Bryers, who fled to Australia after Blue Chip's collapse in 2008, was extradited back to New Zealand in 2019. He pleaded guilty to charges of obtaining by deception and false accounting. The court heard that Bryers used funds from new investors to pay returns to earlier investors, misleading them about the safety and profitability of their investments. Despite his claims of being a "puppet" in the scheme, the judge highlighted his significant role in the fraud, noting his lack of remorse and the devastating impact on victims, many of whom lost their life savings. Bryers will be eligible for parole after serving half of his sentence.

Read the Full The New Zealand Herald Article at:
[ https://www.nzherald.co.nz/business/former-blue-chip-boss-mark-bryers-jailed-in-australia/BKEHLMDCDBD4ZAYC7LJF2LPDYM/ ]