In a statement, ASIC said Douglas Johnston had been "partially successful" in appealing his conviction in the Victorian Court of Criminal Appeal.
While the court upheld six of the counts of obtaining financial advantage by deception contrary to section 82(1) of the Crimes Act 1958 (Vic), three counts were overturned as it was found the depositional evidence of two witnesses at Mr Johnston's trial should not have been admitted.
Mr Johnston was sentenced in 2019 to six years imprisonment, with a non-parole period of three years, for defrauding investors of approximately $815,000.
He and his wife Maureen Johnston secured funds from investors between 2010 and 2013 under the guise of investing in properties in Australia and the United States, when in fact the money was used to fund the Johnstons' personal expenses and repay other investors in "a ponzi-style operation", ASIC said.
The court ordered a retrial on the three overturned charges on a date yet to be fixed, and said it would re-sentence Mr Johnston on the remaining charges.
