Vincenzo Joseph Vocisano bashed after alleged $30m fraud | court documents

An accused Gold Coast fraudster who police allege has links to organised crime figures was bashed by angry investors after gambling more than $24 million he was meant to invest, a court has heard.

An accused fraudster who allegedly gambled investors’ money away cut ties with his family and friends in an attempt to hide from police, according to court documents.

Vicenzo Joseph Vocisano was extradited from the Gold Coast to New South Wales where he faced charges of fraud in the Tweed Heads Local Court.

The 40-year-old applied for bail but his attempt was denied and his matter adjourned to May 17.

It is alleged Vocisano took money clients had paid to be invested on the foreign exchange and used it to gamble on platforms such as Sportsbet, Tabcorp, Neds, Playup and Unibet.

Vincenzo Joseph Vocisano. Picture: Supplied

The court documents allege there are more than 40 victims who have come forward, some with losses of about $10,000 and others who lost more than $3 million.

Police allege investors had lost more than $30 million.

The court documents allege Vocisano told police he had no financial qualifications and learnt everything online.

It is alleged in the court documents Vocisano fled Australia to avoid detection by police.

After he returned, Vocisano allegedly cut ties with family and friends to avoid arrest.

When he was arrested in a Glitter Strip club earlier this week, Vocisano allegedly gave police a Hope Island address where he was staying with a friend.

The court documents state there were no records of him residing or being in Queensland on police or Queensland Transport systems.

The investigation in to the matter only started after Vocisano went to police in Narellan after he was allegedly assaulted due to a $6.7 million investigation going bad, the court documents allege.

It is alleged police examined his mobile phone as a part of those investigations and found Vocisano had been “involved in gambling large sums of money believed to be funds belonging to investors”.

It is then police started the fraud investigation, the court documents state.

Earlier: ‘Scared for his life’: Man charged with $30m fraud in hiding after bashing

An accused Gold Coast fraudster was bashed by angry investors after gambling away more than $24 million of their money he was meant to invest, according to police allegations contained in court documents.

Vincenzo Joseph Vocisano, 40, was arrested this week at a Glitter Strip bar where he allegedly told police he was trying to “lay low”.

The former Sydney resident was nabbed after a 10-month NSW police investigation and charged over an alleged massive fraud in which he is accused of taking about $30 million from dozens of victims to invest in foreign exchange.

But police allege he instead gambled most of the money away after huge losses made on “risky” investments.

Vocisano, who was extradited from Queensland to NSW, faced court via video link from the Tweed Heads police cells on Thursday morning.

Defence solicitor Danielle Heable told the court Vocisano was “scared for his life” and had fled to Queensland from NSW after he was assaulted.

She said he had cut off contact with his wife and two daughters because of concerns for their safety.

Ms Heable rejected police allegations that Vocisano had fled overseas, saying he had gone to America for three weeks but returned despite knowing he was under investigation.

She conceded the alleged offending was serious and involved a large sum of money, but her client had no criminal history.

The prosecutor told the court police would not have been able track down Vocisano but for a social media photo which showed him in the background.

Vocisano had alleged links to organised crime figures in Queensland, the prosecutor alleged.

He said there was no evidence that Vocisano had addressed his gambling issues which had seen him gamble “tens of thousands of dollars in investor funds” on single sporting events including NRL games.

Magistrate Geoff Dunleavy said it was alleged Vocisano had “basically gambled away almost $25 million”, with forensic accountants estimating he had used “as little as $2.4 million for “legitimate (forex investment) purposes”.

Mr Dunleavy said it also appeared that Vocisano had allegedly been operating a Ponzi scheme by using investor capital to pay interest to other clients, and was also unlicensed.

The magistrate said Vocisano also appeared to have a gambling addiction, adding to concerns he could reoffend, and the prosecution case was “relatively strong”.

He said was a “grave risk” of Vocisano reoffending or failing to appear and refused bail.

A police objection to bail document lodged with the court said Vocisano attended Narellan police station in July last year after his sister reported he had been assaulted and she feared for his welfare.

Vocisano told police he had been assaulted over a $6.7 million investment “which had gone badly for the investors who had placed their trust in the accused”.

Despite having no financial qualifications, he started trading forex in 2014 and formed a business called Triple Cross Investments.

About 40 investors had come forward to claim they lost amounts ranging from $10,000 to more than $3 million.

Police allege that when Vocisano could not meet promised returns, he started making “risky investments” and withdrawing capital to pay investors.

Checks of his mobile phone revealed he had been gambling “large sums of money believed to be funds belonging to investors”, police allege.

They allege that when they started the investigation into the alleged assault, he fled Australia to avoid police and investors “who were actively seeking to recoup their money by any means necessary”.

Police allege more than $30 million in investor funds had been lost on gambling and forex platforms.

When arrested, Vocisano allegedly told police he was trying to “lay low” to avoid them and angry investors, and was working for cash at a Coast restaurant and wine bar and living for free.

Vocisano sighed loudly as he was remanded in custody to appear in Campbelltown Local Court on May 17.