court/financial-advice/gambling/
A former financial adviser has been sentenced after stealing $4.4 million from clients, family and friends to feed his gambling addiction.
Anthony Del Vecchio pled guilty to 24 charges of obtaining financial advantage by deception.
He was employed as an adviser at Freedom Finance Australia from November 2016 until October 2023 when his employment was terminated.
Centrepoint Alliance acquires super fund advice book
FAAA welcomes Coalition’s ambitious 30k adviser target
Between February 2020 and December 2023, he used his position as a financial adviser to convince members of family, friends and clients to transfer money to him under the pretext of investing their funds in various investments, such as term deposits, bonds and shares.
In some cases, he provided documents using the Freedom Finance letterhead to purport the terms of their investment although no financial product was ever purchased.
This came to a total of $4.48 million from the victims which was deposited into his Commonwealth Bank of Australia accounts.
Following his arrest in February 2024, Del Vecchio said he was “in too deep and the stress was incomprehensible” and that he was “trying to win enough money to pay everyone back”.
He had transactions with 52 different betting companies and lost over $1 million with one specific company, MintBet.
In sentencing on 16 April at the County Court of Victoria, Judge Cannon sentenced him to seven years and six months imprisonment with a non-parole period of four years.
“You breached the trust that the victims placed in you as a financial adviser and in many instances, as a friend and/or family member, callously taking advantage of such relationships to commit the offences.
“The significant breach of trust is an aggravating feature of your offending. Further, the offending was planned and had a level of sophistication to it in a number of instances, especially where you used false documents and manufactured investment schemes and the like in order to defraud the victims.
“Further, in a number of instances, the offending went beyond opportunistic, as you actively sought out your victims, knowing full well they could ill afford to part with such significant sums of money, which, in a number of cases, were their life savings.”
If not for his guilty plea, he would have been sentenced to nine years and six months with a non-parole period of six years and six months.
Advice licensee Centrepoint Alliance has acquired the financial advice book of superannuation fund Brighter Super and will become the preferred partner to provide advice to its members.
The association has expressed its support for the Opposition’s commitment to making financial advice a “national priority”, alongside its bold target of reaching 30,000 advisers.
Australian investors are increasingly turning to financial advisers as their top source of information, with more than a third using them for investment guidance.
The number of advisers using the HUB24 platform has passed 5,000, with over 100 added in the latest quarter, thanks to a migration from ClearView.
So we are now underwriting criminal scams?…
Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided …
Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s…
ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm….
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered….
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test….
Former Victorian adviser sentenced after $4.4m theft – MoneyManagement.com.au
