Vocisano is alleged to have told the victims that he was investing it in foreign exchange through his business, Triple Cross Investments, but today a court heard that he allegedly wagered $25 million through personal betting accounts, including Sportsbet.
Detectives allege he operated a Ponzi scheme using investors’ money to pay high returns to other clients.
Some alleged victims received returns on their investments for months and then recommended Vocisano to friends and family.
The investors allegedly entrusted him with savings of between $10,000 and $3 million each.
Camden detectives began investigating after the 40-year-old man went to the Narellan police station last year, claiming he had been criticized over a $6.7 million investment gone wrong for a client.
One victim compared her alleged crimes to those committed by con artist Melissa Caddick, who defrauded family and friends of $20 million to $30 million in a Ponzi scheme before her disappearance.
Today a magistrate told Tweed Heads court that the case against Vocisano was strong and refused his bail.
9News understands that more victims have come forward since the alleged scammer’s arrest and expects more to follow.
