Sergei Sergienko Wins Against Convicted Fraudster in Supreme Court Ruling

By Cristian Lipciuc April 02, 2021 In Australia, Blockchain, Scams

Russian-Australian blockchain entrepreneur Sergei Sergienko won his recent case at the Supreme Court against Oliver Roths – who was already convicted for fraud in the past. The dispute was over an ASX-listed financial entity – PLC Financial Solutions – which Sergienko had paid for, aiming to repurpose it for another one of his projects.

Transaction Failed

Sergei Sergienko – better known for his blockchain fintech firm Chronobank, among other projects he’s been involved in – took Roths to court back in 2018 when he negotiated a deal with Roths and his business associates – such as AXL Financial – worth $1.58 million to take over PLC Financial.

At least $530k of that money was used to purchase 6.33 million shares in PLC, with each share costing 5.5 cents on average.

However, a dispute appears to have taken place between Oliver Roths and Harry Fung – the chairman of the company in question.


Whatever the dispute was, Mr. Sergienko never received the shares he had paid for. He promptly took Roths to court – and the Supreme Court has ruled in his favour. The company was also unlisted by the ASX in 2020.

In addition, AXL Financial was obliged by the court to provide Mr Sergienko with a mortgage in deliverable form on a property in Sydney’s Killarney Heights.

Mr Roths previously spent 7 years in jail for fraud and perjury – and the deal was allegedly brokered by a mutual business associate, namely Ian “Rocky” Chalmers, who also did time for attempting to import 30 kilos of cocaine from Bolivia.

Cristian Lipciuc

Cristian Lipciuc

Cristian Lipciuc is a blockchain journalist working with startup companies across multiple domains such as freelancing, app development & cryptocurrency. Cristian specializes in applied blockchain technologies, cryptocurrency integration, the adoption of new technologies by governments, and cybersecurity.

You may also like