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 instructed the victims that the cash would go towards international change investments.
lower contact along 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 depend of dishonestly acquiring monetary benefit by deception and was denied bail on Thursday. The defendant lower contact along with his household and moved to the Gold Coast final yr. Justice of the Peace Geoff Dunleavy believes this means that Vocisano was trying to keep away from costs by creating a brand new life for himself. Police found his whereabouts after seeing him within the background of a social media photograph.
Vocisano allegedly ran a Ponzi scheme from January 2020 to July 2022, utilizing cash from new traders to repay different traders. He apparently has little of the cash left. An investor filed a criticism with police final July in regards to the “misappropriation of shopper funds.” Vocisano didn’t have a license and claimed to be a self-taught dealer.