Former Australian Financial Advisor Permanently Banned from Financial Services Due to Fraud

On September 26, the Australian Securities and Investments Commission (ASIC) announced a permanent ban against former financial adviser Anthony Joseph Del Vecchio, which took effect from September 15.

Under ASIC's permanent ban, Del Vecchio is prohibited from providing any financial services or performing any functions related to financial services businesses. Additionally, he is barred from controlling, whether independently or in collaboration with others, over any entities that offers financial services.

The order took effect on September 15 and has been recorded in ASIC's banned and disqualified register.

Del Vecchio perpetrated a widespread financial scam and misappropriated client funds, ultimately receiving a 7-year-and-6-month prison sentence. Under the Corporations Act in Australia, the financial regulator ASIC may permanently prohibit individuals convicted of fraud from providing financial services.

Between February 2020 and December 2023, while acting as a financial adviser, Del Vecchio raised funds from clients, family, and friends under the pretense of investing in bonds, stocks, and term deposits, embezzling a total of AUD 4,479,670.

On April 16, 2025, Del Vecchio pleaded guilty to 24 charges related to taking advantage by deception.

BrokersView reminds you

The Australian Securities and Investments Commission (ASIC) is the national regulatory body overseeing local companies, markets, and financial services. Brokers operating in the country or providing financial services must hold an Australian Financial Services (AFS) license issued by ASIC.