The Australian Securities and Investments Commission (ASIC) has permanently banned former financial adviser Anthony Joseph Del Vecchio following his conviction of fraud.
Del Vecchio, a financial adviser at Freedom Finance Australia, was charged with misappropriating almost AU$4.5m from clients, family and friends under the pretence the funds would be invested in bonds, shares and terms deposits.
In April, Del Vecchio pleaded guilty in the County Court of Victoria to 24 charges of obtaining financial advantage by deception and was sentenced to seven years and six months imprisonment, with the possibility of parole after 4 years.
ASIC has now banned Del Vecchio from providing any financial services; controlling a financial services business and performing any function in a financial services business.
Del Vecchio has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
