Former adviser banned after $4.4m theft
A former financial adviser who stole $4.4 million from his family and friends to feed gambling debts has been permanently banned by ASIC.
Anthony Del Vecchio was sentenced on 16 April at the County Court of Victoria to seven years and six months’ imprisonment with a non-parole period of four years for 24 charges of obtaining financial advantage by deception.
He was employed as an adviser at Freedom Finance Australia from November 2016 until October 2023 when his employment was terminated. Between February 2020 and December 2023, he used his position as a financial adviser to convince members of family, friends and clients to transfer money to him under the pretext of investing their funds in various investments, such as term deposits, bonds and shares.
This came to a total of $4.48 million from the victims which was deposited into his Commonwealth Bank of Australia accounts.
Del Vecchio ceased employment at Freedom Finance in October 2023 but, in some cases, continued to take funds even after he no longer held a Australian financial services licence.
The reason for Del Vecchio’s activity was gambling addiction, with the former adviser holding accounts with 52 different betting companies. While this began with $100 per week, it quickly spiralled to thousands of dollars a day and he lost over $1 million with one specific company, MintBet.
The corporate regulator said it has now taken the decision to permanently ban Del Vecchio for his widespread financial deception and misappropriation of client funds.
He has been permanently banned from:
- providing any financial services
- controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business, and
- performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in some other capacity).
The banning took effect from 15 September 2025 and is recorded on the ASIC banned and disqualified register.
AUTHOR
Laura Dew
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