Vincenzo Vocisano faces 32 new fraud charges, remains in custody

A man charged with swindling nearly $9.5m from ‘mum and dad’ investors has been slapped with a string of new charges over allegations he used millions for gambling.

Vincenzo Joseph Vocisano. Picture: Supplied

An accused fraudster who allegedly gambled millions of investors’ money away has been hit with 32 new charges months after he was refused bail.

Vincenzo Joseph Vocisano was extradited from the Gold Coast to NSW earlier this year after he was charged with one count of dishonestly obtain financial advantage, cause disadvantage by deception.

Police originally alleged he used $24.8m in funds from investors for gambling instead of using it on Forex trading platforms as promised.

However, the 40-year-old fronted Campbelltown Court on Wednesday via video link where it was revealed the original offence laid against him would be withdrawn but he was to be charged with 32 counts of dishonestly obtaining financial advantage by deception.

Documents tendered to court allege Vocisano’s multimillion-dollar scheme took place between January 2020 and July 2022 targeting 32 victims for various amounts adding up to $9.4m.

While some victims lost $10,000 or $20,000, there were more than 10 people who allegedly lost more than $150,000 and one alleged victim lost an eye watering $3.3m.

Police will allege Vocisano falsely told the investors their money would be used for the sole purpose of trading on a platform for foreign exchange trading, but instead used the vast amount of funds on personal gambling platforms.

At the time of his arrest in May, Detective Chief Inspector Paul Albury said it was the result of almost a year’s persistence and hard work by the Camden detectives.

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

Earlier in the year, documents submitted to court alleged in the court Vocisano fled Australia to avoid detection by police and when he returned cut ties with family and friends to avoid law enforcement but was eventually arrested in a Gold Coast club.

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

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

Vocisano has yet to enter any pleas and remains in custody on remand. He will next face court on November 22.