Gold Coast businessman Vincenzo Joseph Vocisano, 40, charged with $30m fraud targeting ‘mum and dad’ investors

A Gold Coast foreign exchange trader has been charged over an alleged $30 million fraud targeting “mum and dad” investors and then spending most of the money on gambling.

A general view of Hope Island on the Gold Coast.

A Gold Coast foreign exchange trader has been arrested, accused of taking $30 million from “mum and dad” investors but spending most of the money on gambling.

Vincenzo Joseph Vocisano, 40, was arrested at Hope Island on Monday after a 10-month investigation by NSW police.

The former Sydney man was charged with dishonestly obtaining financial advantage in relation to an alleged large-scale forex investment fraud.

Court documents allege that between January 2029 and July 2022 at Orana Park, he obtained $30 million from investors to invest in foreign exchange but instead ploughed most of the money into “personal gambling platforms”.

Only about $2.4 million was invested in foreign exchange, the documents allege.

Vocisano was extradited from Queensland to NSW on Tuesday and his matter was mentioned in Tweed Heads Local Court on Wednesday.

He did not face court personally but was represented by defence solicitor Danielle Heable who asked for the case to be adjourned until Thursday for a bail application.

Ms Heable told the court that material was being prepared in support of the application.

Crime Manager, Detective Chief Inspector Paul Albury, said police would be alleging in court 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,“ Det Ch Insp Albury said.

“We will be alleging in court that this man targeted ‘mum and dad-type’ investors as well as other business owners.

“We encourage anyone who believes they have been the victim of a crime such as this to contact police.”