Three charges admitted by Blue Chip co-founder

Mark Bryers

Today, no word was spoken by Mark Bryers, the co-founder of Blue Chip at the court, as he left to his lawyer to confess his guilt to three charges. Out of these three, two were related to his failure to attend an important meeting or keep proper records for a Gulf Harbour Lodge.

Even when Bryers admitted his guilt, Blue Chip investor Tony Collingwood, who was at court today, did not appear satisfied.

He expressed, "I felt very angry and upset when I saw him - the fact that we could lose our family home."

Other than this, a charge of failing to front at the creditors' meeting last year, was also confessed by Bryers, a charge that can get him a sentence of at least five years.

Mr. Collingwood continued, "Today it's good to see him in court because I never thought it would ever happen but I still don't think he will go to jail but that's yet to be seen." Luckily for Bryers, four other similar charges held against him were withdrawn, since he voluntarily confessed that he was guilty.

However, it should be noted that Bryers did not elaborate much, beyond saying that it was not his fault alone for the Blue Chip collapse, with two thousand investors owed $80 million.

Mr. Bryers said: "It wasn't my company but I think it's very important that people help those people who have been hurt, I've always said that - still maintain that today."

Till now, Bryers has not received any sentence, which has purposely been delayed for further hearings on seventy other charges which Bryers faces and has denied.

Bryers is supposed to reappear in court in October and till then; he has been released on bail, which means that he can fly to Sydney, where he had been living for more than a year.