A financial planner defrauded almost $4.5 million from his former partner, cousins and primary school friends to fund a “voracious” gambling addiction that betting companies fed with free tickets, client managers and reminders to his phone.
Anthony Del Vecchio, 32, pleaded guilty to 24 charges of obtaining financial advantage by deception in the County Court of Victoria, after operating a private Ponzi scheme from February 2020 until December 2023, while employed by Freedom Finance Australia.
Financial planner Anthony Del Vecchio defrauded almost $4.5 million from his former partner, cousins, primary school friends and several clients of Freedom Finance Australia to fund a “voracious” online gambling addiction.
Del Vecchio persuaded some of his closest friends and relatives to invest in the stock market or fixed-term deposit funds, often using falsified documents purporting to be on Freedom Finance Australia letterhead.
However, the funds were paid into Del Vecchio’s private Commonwealth Bank account, which he used to gamble across 52 separate online betting accounts, turning over $10 million.
On Wednesday, the court was filled with dozens of Del Vecchio’s victims, with several giving statements about the financial devastation caused by his callous betrayal.
Cousin and life-long friend Michael Del Vecchio said it was the “most sickening experience” of his life.
Michael Del Vecchio and his partner Jade, who lost hundreds out thousands of dollars.
“The knowledge that we had been used as Anthony’s personal ATM for three years, under the cruel disguise of him helping us, was beyond devastating,” he told the court.
Michael Del Vecchio, who lost $207,000 to his cousin, said he had been financially crippled by the fraud, but the emotional damage to his extended family had taken the heaviest toll.
“Anthony’s crimes have blown our family apart, the social dynamic I loved has been destroyed, and bonds that should have been for life are now non-existent,” he said.
Michael Del Vecchio told the court he was now triggered by gambling advertisements, which had become a regular and traumatic reminder of his cousin’s deception.
The 32-year-old pleaded guilty to 24 charges of obtaining financial advantage by deception in the County Court of Victoria.
The case has placed a spotlight on the conduct of online gaming operators, and their apparent failure to query how Del Vecchio could afford to place daily bets of up to $20,000.
Barrister Zubin Menon, who represented Del Vecchio, told the court his client’s offending was fuelled by his online gambling habit.
“The availability of gambling apps on his smartphone meant that his access to engage with the thing that was driving the offending was at his fingertips,” Menon told the court.
He said VIP managers from betting agencies had also offered Del Vecchio free tickets to sporting events, when his gambling turnover slumped.
Outside the County Court, Erta Rubin, a relative and victim of Del Vecchio, lashed the Commonwealth Bank for failing to intervene.
“On some of the gambling providers, he was allocated a client manager. If there were a period of days where he went without depositing or gambling, he received push notifications with incentives to gamble,” Menon said.
Several victims also asked why the Commonwealth Bank failed to alert authorities about the large transfers to his personal account.
Outside the County Court, Erta Rubin, a relative and victim of Del Vecchio, lashed the bank for failing to intervene, despite millions of dollars rapidly entering his account before it was quickly gambled away.
“They [the bank] would have seen where it [the money] was coming from and where it was going, and where was the flagging? Where was their duty of care?” Rubin asked.
She described the experience as “soul-destroying” and said the betrayal was worsened by the fact it had been done by a relative she loved, trusted and had known since he was born.
“Honestly, if Anthony had come into our home as just a financial advisor we probably would have said no,” she said. “But there is a level of trust you give as a family member.”
Alana Del Vecchio, who lost $25,000 in her cousin’s scheme, said outside court she was horrified to hear of the marketing methods used by the gambling companies, including perks such as free tickets.
She said she was also shocked to learn of other tactics including allegations the gambling companies had hounded him through phone calls in a bid to pressure him to pour more money into their apps.
“It is really disgusting,” she said. “To hear that there are marketing tactics to get them to keep gambling and [with] no support. It’s horrible.”
She said Del Vecchio’s conduct had torn her once close-knit family apart.
“He hasn’t shown any remorse … to family members, to clients … there’s been no apology,” she said.
Judge Gabriele Cannon, who will sentence Del Vecchio next month, said his conduct “smacked of a great degree of callousness”.
“He knows the person, he knows their situation. One was about to get married, another had a daughter undergoing chemotherapy. It’s just mind-blowing,” she said.
Melbourne solicitor Michael Hazell from RBK Legal, said online betting agencies were increasingly the beneficiaries of stolen funds.
“Online gambling agencies shouldn’t think they are immune from civil compensation claims,” Hazell said. “In many cases, there are red flags which should have alerted the betting agency to intervene. Depending on the facts of each case, any failure to react to these red flags could mean they have a legal liability to compensate victims.”
The Commonwealth Bank and Freedom Finance Australia have both been contacted for comment.
Gambler’s Help: 1800 858 858, Lifeline: 13 11 14