Commonwealth Director of Public Prosecutions

Long running tax fraud case ends with significant sentence

Date of Publication: 
29 March 2018

Today the Supreme Court of NSW sentenced Michael Issakidis to 10 years and three months’ imprisonment for his involvement in the largest prosecuted tax fraud case in Australia’s history. He and co-conspirator Anthony Dickson deliberately absorbed $450 million of otherwise assessable income through falsely created losses overseas to evade $135 million in corporate tax netting themselves $63 million in fees.

Charges and conviction:

Michael Issakidis was charged with:

  • One count contrary of  conspiring to dishonestly cause a loss or risk of a loss contrary to s 135.4(5) of the Criminal Code (Cth)
  • One count of conspiring to deal with property of a value of $1,000,000 or more believing it to be proceeds of crime contrary to s 11.5(1) and s 400.3(1) of the Criminal Code (Cth)

Issakidis was sentenced to 10 years and 3 months with a single non-parole period of 7 years and 6 months imprisonment.

Serious Financial Crime Taskforce

Today’s result follows the sentencing of co-accused Dickson, who in 2015 was sentenced to 11 years’ jail, later increased to 14 years on appeal. Dickson’s sentence marked the longest ever jail time for tax fraud and money-laundering.

The significant sentences handed down to both Issakidis and Dickson bring to a conclusion the multi-year fraud investigation by the Serious Financial Crime Taskforce involving members from the ATO and the AFP.

These matters were prosecuted by the Commonwealth Director of Public Prosecutions.

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