A Sydney businessman has been charged with allegedly defrauding "mum-and-dad" investors of more than $24 million, which he allegedly spent on gambling platforms.
Vincenzo Vocisano, 40, was arrested at Hope Island on the Gold Coast on Monday and extradited to New South Wales.
Mr Vocisano was charged with one count of dishonestly obtain financial advantage by deception, but did not appear in Tweed Heads Local Court today.
His case was adjourned until tomorrow, after defence counsel Danielle Heable requested more time to prepare a bail application.
Court documents allege Mr Vocisano obtained about $30 million from investors for the purpose of investing in foreign exchange.
It is alleged $24.8 million was instead spent on his personal gambling platforms without authorisation, while $2.4 million was spent on foreign exchange trading platforms, according to the court documents.
New South Wales police said officers in Camden, in the south-west of Sydney, had been investigating the local man since July last year, when they received a complaint alleging the "misappropriation of client funds".
Crime Manager, Detective Chief Inspector Paul Albury, said police would be alleging the man targeted "mum-and-dad-type" investors as well as other business owners.
"This arrest is the result of almost a year's persistence and hard work by the Camden PAC detectives, assisted by our colleagues in the Queensland Police Service," Detective Chief Inspector Albury said.
"We encourage anyone who believes they have been the victim of a crime to contact police."
It's alleged the offences occurred between January 2020 and July 2022 at Oran Park, south-west Sydney.
A LinkedIn profile under Mr Vocisano's name describes him as a foreign exchange trader.
