Anthony Del Vecchio fronts court over investment fraud
Family and friends of an award-winning Melbourne financial adviser have spoken of their heartbreak at being fleeced out $4.4m by the con artist.
South East
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A couple whose child had cancer was among dozens of family and friends a trusted financial adviser duped into giving him $4.4m on the pretext of investing the money into investment schemes.
Instead, Anthony Del Vecchio used the money fraudulently obtained over three years on gambling before his offending came to light after he was fired by his employer Freedom Finance Australia in October 2023.
He conned his girlfriend, his cousins, work colleagues and people he acted as a financial adviser to through his employer, with Del Vecchio winning the Freedom Finance Australia’s associate adviser of the year award in 2019.
The 32-year-old disgraced financial adviser from Mulgrave pleaded guilty to 24 charges of obtaining a financial advantage by deception when he appeared in the County Court on Wednesday.
Prosecutor Thomas Crouch said between February 2020 and December 2023, Vecchio used his position as a financial adviser to obtain $4.4m from a number of people, including close family members, under the pretext of investing their savings into term deposits, bonds and shares.
He said Del Vecchio told police following his arrest that while he used the money for gambling, he intended to repay his victims.
Investigations revealed $4.4m was deposited into his bank account between February 2020 and December 2023, $9.9m in credits from betting and $13.2m in withdrawals from betting.
A large group of his family and friends attended court and spoke of how his offending has torn their family apart.
A close family member who he fleeced said Del Vecchio deceived them at a time when her daughter had cancer.
“My husband and I have never invested before and didn’t save much. We watched Anthony grow up and do well in school and get a good job in finance. We were proud of his achievements,” she said, reading from her victim impact statement in court.
“It’s shocking to think what he’s capable of doing, how low he’s prepared to go to. This is the reason I look at people differently now.”
Another family member blamed him for contributing to their heartbreak.
“I have been working hard to save for a home and a wedding for several years. I thought here was someone helping me to get back on track on owning my own home as I felt I had lost that future.
“Family catch ups will always have a stain of remorse and regret for choosing to trust you as part of our family.”
Del Vecchio’s cousin Alanna Del Vecchio said outside court that while his guilty pleas were a relief, his actions had torn their family apart.
She lost $25,000 which was to have been invested in term deposits. “He was a financial adviser so I did trust him, plus he was my older cousin I looked up to and knew him to be an industry professional,” she said.
His lack of remorse and apology further exacerbated the stress his victims suffered, she said.
The prosecution said Del Vecchio’s offending was persistent, it involved a breach of trust and that Del Vecchio used false documents to deceive his victims.
Defence lawyer Zubin Menon said Del Vecchio gambled between $10,000 and $20,000 per bet and that he tried to claw back escalating losses through offending in such a way.
Judge Gabriele Cannon remanded him in custody for sentencing on April 16.
