A Sydney “self-taught trader” charged with allegedly defrauding “mum and dad-type” investors of more than $24 million has been refused bail.
Police allege Vincenzo Joseph Vocisano, 40, deceptively obtained about $30 million to invest on the foreign exchange, but $24.8 million was allegedly spent on gambling instead.
Mr Vocisano was arrested at Hope Island on the Gold Coast and extradited to New South Wales on Tuesday where he was charged with one count of dishonestly obtain financial advantage by deception.
Magistrate Geoff Dunlevy denied Mr Vocisano’s application for bail in Tweed Heads Local Court on Thursday.
Mr Vocisano did not enter a plea and appeared via video link.
In arguing for bail, his defence lawyer Danielle Heable said the matter could take up to four years to be resolved.
“If he has the propensity to flee, he would have done so,” she said.
The court was told Mr Vocisano had travelled to the United States but returned despite being aware of police investigations.
Ms Heable said Mr Vocisano suffered an alleged assault by an investor last July, which prompted him to cease contact with his family due to concerns for their safety, and moved to the Gold Coast.
Magistrate Dunlevy said that appeared “consistent with trying to lay low” and “establish a new life”.
The court was told police arrested Mr Vocisano after he appeared in the background of a photo posted to social media and it was alleged Mr Vocisano appeared to have “links to organised crime figures in Queensland”.
“He was only found randomly,” Magistrate Dunlevy said.
He said it was alleged that there was “very little if anything left” of the $30 million and that Mr Vocisano had allegedly “gambled away almost $25 million”.
It was alleged Mr Vocisano operated a Ponzi scheme, in which he used money from one investor to pay off another, according to magistrate Dunlevy.
In denying bail, Magistrate Dunlevy said Vocisano posed a “very great risk of failing to appear” at future court dates.
The matter was adjourned to Campbelltown Court House in south-west Sydney on May 17.
Earlier this week NSW police said officers had been investigating Mr Vocisano since they received a complaint alleging a “misappropriation of clients funds” in July 2022.
Detective Chief Inspector Paul Albury said the alleged fraud targeted “mum and dad-type” investors.
The offences allegedly took place at Oran Park between January 2020 and July 2022.
Ms Heable said Mr Vocisano “claims to have been a self-taught trader” and was not licensed.