Arabic version: ياعوبي يتلقى حكماً قياسياً بالسجن 14 عاماً بتهمة غسل الأموال
According to ABC News, Israeli man Shabtay Yaacoby has been sentenced to 14 years in prison for laundering more than $50 million in scam funds. The sentence, imposed by Justice Averre in the NSW District Court, is the longest ever for a money laundering offence in Australia. Yaacoby, 56, will be eligible for parole in January 2035.
Justice Averre said Yaacoby had played a “leading role” in a criminal enterprise. In May, he was found guilty of money laundering following a 13-week jury trial. The judge said the offending was “not isolated” and was “persistent”.
Yaacoby was a director and shareholder of Blue Star Exchange, a licensed digital currency exchange that purportedly allowed customers to buy and sell cryptocurrencies. The court heard that 39 victims sent money to Blue Star Exchange or other businesses linked to Yaacoby for purported investments that they later realised were fraudulent.
One New South Wales man testified that he lost about $4 million from a superannuation fund shared with his wife. He had sent the money to Blue Star Exchange believing he was investing in a high-interest term deposit.
The court found Yaacoby was not involved in the scams themselves but knowingly worked with fraudsters to move stolen money out of Australia. He was arrested while visiting Sydney in November 2023, when he was in Australia to try to unfreeze multiple bank accounts related to his business. Justice Averre also made a reparations order for victims, noting there had been no reparation offers from Yaacoby.
