A Sydney dealer allegedly used AU$25m (US$16.8m) of investor cash for playing functions. [Image: Shutterstock.com]
Sydney dealer Vincenzo Joseph Vocisano allegedly used AU$25m (US$16.8m) of investor cash for playing functions, defrauding shoppers out of about AU$30m (US$20m) in complete. The 40-year-old advised the victims that the cash would go towards overseas change investments.
reduce contact together with his household and moved to the Gold Coast
Police arrested Vocisano and extradited him to New South Wales on Tuesday. He faces a single rely of dishonestly acquiring monetary benefit by deception and was denied bail on Thursday. The defendant reduce contact together with his household and moved to the Gold Coast final 12 months. Justice of the Peace Geoff Dunleavy believes this means that Vocisano was trying to keep away from fees by creating a brand new life for himself. Police found his whereabouts after seeing him within the background of a social media picture.
Vocisano allegedly ran a Ponzi scheme from January 2020 to July 2022, utilizing cash from new buyers to repay different buyers. He apparently has little of the cash left. An investor filed a criticism with police final July concerning the “misappropriation of shopper funds.” Vocisano didn’t have a license and claimed to be a self-taught dealer.