Shabtay Yaacoby has been sentenced to 14 years in prison for laundering more than $50 million of scam funds.
Yaacoby will be eligible for parole in January 2035.
Justice Averre handed down the sentence in the NSW District Court today, saying Yaacoby had played a "leading role" in a criminal enterprise.
One New South Wales man testified that he was scammed out of about $4 million from the superannuation fund he shared with his wife.
In May, Yaacoby was found guilty of money laundering after a 13-week jury trial.
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Shabtay Yaacoby will be eligible for parole in nine years.
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The article, shortened and in plain language
Shabtay Yaacoby has been sentenced to 14 years in prison for laundering more than $50 million of scam funds.
The sentence is the longest ever for a money laundering offence in Australia.
Yaacoby will be eligible for parole in January 2035.
Shabtay Yaacoby, 56, will be eligible for parole in nine years.
Justice Averre handed down the sentence in the NSW District Court today, saying Yaacoby had played a "leading role" in a criminal enterprise.
Yaacoby was a director and shareholder of licensed digital currency exchange Blue Star Exchange, which purportedly allowed customers to buy and sell cryptocurrencies.
One New South Wales man testified that he was scammed out of about $4 million from the superannuation fund he shared with his wife.
The man was one of 39 victims who testified at the trial. Each of them had sent money to Blue Star Exchange, or other businesses linked to Yaacoby, for purported investments, which they later realised were fraudulent.
In May, Yaacoby was found guilty of money laundering after a 13-week jury trial.
His offending was "not isolated" and was "persistent", the judge said.
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