DPP v Del Vecchio [2025] VCC 460

1. The victim in relation to this charge is Luke Narduzzo, who had been a lifelong friend of yours. You had attended the same primary and secondary schools, as well as the same university.
2. Between February 2020 and December 2023, you convinced Mr Narduzzo to invest in various shares and term deposits, resulting in him making nineteen separate transfers to you, totalling $232,913.50. He transferred the funds into your CBA bank account. You provided documents to him which falsely claimed legitimate investments had been made, but you never made any investments on his behalf.

1. The victim in relation to this charge is your cousin and close childhood friend, Michael Del Vecchio.
2. In October 2021, you told this victim about an opportunity to invest in Flight Centre shares through Freedom Finance.
3. Michael Del Vecchio transferred $7,900 to you for this purpose. Throughout 2021 and 2022, you convinced this victim to invest in various shares and arranged for the funds to be paid into your CBA bank account. You and the victim kept a joint spreadsheet of all the supposed investments.
4. In 2023, the victim wanted to sell his shareholdings because he was purchasing a house with his partner and needed the funds to settle. He repeatedly tried to contact you. Eventually you transferred him $50,000 over the course of 10 to 12 April 2023. Shortly after this, you contacted the victim and you told him there had been an error, whereby the $50,000 you had sent had come from the wrong account and told him that he needed to transfer this back. Between 12 to 14 April 2023, the victim transferred $29,000 back to you.
5. You told this victim there would be tax implications for closing his account and that he should invest in a tax offset investment to minimise tax. On the basis of this advice, between February and August 2023, the victim transferred $82,000 into your bank account
6. Between October 2021 and August 2023, you received a total of $207,879 from the victim, with the victim receiving $21,000 back from you through the balance of the transfers made in April 2023.
7. In mid-December 2023, the victim heard, through a family chat group, that you may no longer be employed by Freedom Finance. He contacted the company, who told him that your employment had been terminated in October 2023 and there was no record of his money in their system.

1. The victim in relation to this charge is Tien Nguyen, who was a colleague of yours at Freedom Finance. She was employed as an associate adviser in August 2021. At that time, you held the position of an adviser, and you were in Ms Nguyen's team.
2. You initiated discussions with the third victim about investments she could make. You offered her the chance to buy shares in Flight Centre and AGL Energy, which you said you had already purchased at a discount price.
3. Between 26 November 2021 and 3 March 2022, Ms Nguyen transferred you a total of $4,257.80 in a series of seven transactions. You told this victim that these would be used to purchase 145 Flight Centre shares and 330 AGL Energy shares. You never purchased any shares for the third victim.
4. Subsequently, Ms Nguyen asked you about the transfer of the shares, but did not receive a clear reply. In June 2022, she asked you to send the funds back to her with the pretext that she needed them for a trip to Europe. You transferred her $2,066 from 23 June 2022 to 26 July 2022.

1. The victim in relation to Charge 4 is Sofia Dias, who, at the relevant time, had been your partner in a relationship for about five years.
2. In 2022, you began encouraging her to invest in shares and term deposits, telling her you would purchase these for her through Freedom Finance.
3. Following your advice, Ms Dias made transfers to you of $3,104 and $10,800. She continued making bank transfers to you for the purpose of buying shares and term deposits, however you never purchased either of these on her behalf.
4. On 4 and 5 July 2023, the fourth victim transferred a total of $35,000 to you to purchase a term deposit with Macquarie Bank. You provided her with a document with a Macquarie Bank logo on it, purporting to evidence the investment.
5. After the purported lapse of the term-deposit period in December 2023, Ms Dias followed up with you. You told her that the principal plus interest would be transferred to her bank through instalments; however, you had never purchased the term deposit.
6. Between January 2022 and July 2023, you received a total of $73,121.26 from the fourth victim, who transferred the funds directly into your CBA account.

1. The fifth victim is Jessica Makroyiannis, who was the fiancée of your lifelong friend, Luke Narduzzo, the victim of charge 1.
2. In 2021, you helped the fifth victim with purchasing her first home.
3. After receiving a first homeowner's grant, you advised Ms Makroyiannis of an opportunity to invest with Colonial First State with a twelve-month term deposit, with a high interest return. In February and May 2022, the fifth victim paid $32,000 into your CBA account, believing this would be used for the term deposit. In January 2023, you further deceived this victim by inducing her to pay a further $60,000 for this purpose.
4. In December 2023, the victim asked to have her investment funds and interest returned; however, you convinced her that the payment platform was holding it back and advised her to invest in a recontribution strategy, suggesting that this would return funds quicker and more easily. The fifth victim transferred a further $30,000 into your CBA account.
5. The total sum of funds which you deceived this victim into paying you was $122,500. As with all the victims, the money was never invested as you represented.
6. The fifth victim did not receive any of her money back from you.

1. The victim in respect of Charge 6 is Diogo Dias, who is the brother of Sofia Dias, who had been your girlfriend at the time, and is the victim of charge 4.
2. In December 2022, you told the sixth victim about an investment opportunity for a thirty-day term deposit with a high interest return of between 12 to 14 per cent.
3. Between 24 December 2022 and 13 January 2023, Mr Dias transferred a total of $88,000 into your CBA account in four transactions.
4. In February 2023, Mr Dias made enquiries in relation to an interest payment, as this was due. You made a payment to him of $6,890.33, telling him that this was an interest payment which had been earned on the investment.
5. In early 2023, the sixth victim made repeated requests for you to return his money. You paid him a total of $40,103 in eight transactions between 3 March and 19 April 2023.
6. In July 2023, you advised the sixth victim about another investment opportunity in a short-term deposit, with an interest rate of 15 per cent. Mr Dias transferred $30,000 into your CBA account.
7. After a number of requests were made by him for the return of the funds, you transferred $80,000 to him from your CBA account.
8. In total, you obtained $118,000 from Mr Dias between 24 December 2022 and 21 July 2023.

1. The victims in relation to Charge 7 are Catherine and Anthony Sims, a married couple, who were clients of Freedom Finance.
2. They met you in 2022.
3. Catherine Sims was a sixty-year-old teacher. She had sought advice about structuring her superannuation and retirement funds.
4. In February 2023, you offered financial advice regarding an investment in bonds with a high-interest return. You went to the home of the victims and convinced them to transfer you $60,000, saying that this was for a twelve-month term deposit with a high interest rate of return.
5. On 10 February 2023, the victims paid $60,000 from their bank account to your CBA account, however you never purchased the term deposit for them.
6. At the end of October 2023, you convinced the victims to transfer you a further $33,000 on the pretence this would be used to purchase bonds. However, you did not purchase these either.
7. On 22 December 2023, Mr and Mrs Sims were told that the funds they had invested had been misappropriated by you and had never been invested in any term deposit.
8. In total, you obtained $93,000 from these victims between 10 February and 21 November 2023.

1. The victims in relation to Charge 8 are Paul Morrison and Eleanor Cummins, who had been clients of Freedom Finance since September 2020.
2. You had been recommended to them by friends who had also been your clients.
3. The victims agreed to transfer $29,000 to you upon you representing that you would invest this for them and that this would yield high interest over a six-month period, coming to maturity in October 2023.
4. However, in December 2023, the victims were advised by Freedom Finance as to your misappropriation of clients' funds and the investigation into your offending.

1. The victims in relation to Charge 9 are your cousin, Francesco Del Vecchio, and his wife, Francesca Del Vecchio.
2. On 3 March 2023, you visited the victims at their home and told them about an opportunity to invest through Freedom Finance.
3. Taking your advice, the victims invested $60,000, transferring funds into your CBA bank account. You told the victims the bank account was a clearing account in your name and once cleared, the funds would be transferred into the Macquarie bank account, which, I understand was associated with the purported investment.
4. In July 2023, you attended the victims' home and convinced them to transfer to you a further $40,000, saying this would be invested into a high-interest bearing account.
5. A few days after this, you told the victims that their $60,000 investment was re-invested and you convinced them to transfer you a further $20,000 under the pretence that this would also be invested.
6. On 13 December 2023, you went to the victims' home and convinced them to transfer you a further $180,000, saying that this was for an investment that would earn them $24,000 in interest.
7. At this time, you were no longer employed by Freedom Finance and you were not licensed to be an authorised representative.
8. Between 3 March and 17 December 2023, you obtained a total of $300,000 from Francesco and Francesca Del Vecchio.

1. The victim in relation to Charge 10 is your cousin, Alanna Del Vecchio, with whom you had grown up- your families were very close.
2. On 19 March 2023, you convinced Alanna Del Vecchio to transfer to you $25,000 under the pretence that this would be used to invest in a short-term deposit with 8.9 per cent interest return through Freedom Finance.
3. However, you never purchased any such financial product for the victim.

1. The victim in relation to this charge is Melissa Rubin, who is a member of your extended family, whom you had known your whole life.
2. On Monday, 20 March 2023, you told Ms Rubin of a term deposit with Macquarie Bank, which had a 9 per cent interest return. On the basis of your advice, Ms Rubin invested $35,000, transferring the funds into your CBA account.
3. In July 2023, you deceived the eleventh victim into investing another $8,999, again transferring funds into your CBA account. This made a total of $43,999 that you had purported to invest. In November 2023, you went to the victim's home and provided a copy of a document outlining the supposed investment of $44,000, with an interest rate of 9.21 per cent.
4. Ms Rubin told you that she needed to withdraw funds in the first week of December 2023. However, you convinced Ms Rubin to maximise her return by adding more funds to the investment. Ms Rubin then transferred $2,000 into your CBA account, which was at a time that you no longer worked for Freedom Finance.
5. In total, between 20 March and 16 November 2023, you defrauded the eleventh victim to the extent of $45,999

1. The victims in respect of Charge 12 were friends of yours, Paula and John Cunha.
2. In April 2022, you engaged in a conversation with Paula Cunha regarding your employment with Freedom Finance and you offered your services in relation to any financial needs in the future.
3. On 22 March 2023, you attended the victims' home and told them of an investment into a short-term deposit with 8.2 per cent interest return. The victims believed you and signed contract documents provided by you. They transferred $60,000 into your CBA account.
4. A few days later, you convinced the victims to transfer a further $170,000 under the pretence that this would go into a ninety-day term deposit with Macquarie Bank, with 5 per cent interest return.
5. However, as with all the victims, you did not invest the money at all, but used it for your own benefit.

1. The thirteenth victim is Alex Cunha, who is a lifelong family friend of your former girlfriend, Sofia Dias. Through this connection, you and Alex Cunha became friendly.
2. In March 2023, you attended the thirteenth victim's home and told him about an investment opportunity in a twelve-month term deposit. The thirteenth victim then transferred $50,000 to you for this purpose.
3. In April 2023, you convinced the victim to invest a further $17,000 in a short-term deposit with a 10 per cent interest return. In May 2023, you transferred $1,652 into this victim's bank account, advising him that the funds were from interest earned on his $17,000 investment. When questioned about the return of the $17,000 principal, you convinced this victim to re-invest the funds for another twenty-eight days with higher interest and to invest an additional $3,000 to gain a better return on his investment. Believing you, this victim transferred another $3,000 into your CBA account, making a total of $20,000.
4. In September 2023, you again convinced this victim not to require the return of the $20,000 on the pretence that it would be re-invested with a high interest rate of 9 per cent return. The victim told you he was planning on travelling to Europe, however you convinced him that more funds paid into the investment would allow him to obtain more money for his overseas trip. The victim then transferred another $15,000 into your CBA account, making a total of $35,000.
5. Between March 2023 and September 2023, you received a total of $85,000 from this victim.

1. The fourteenth victim is Melanie Cunha, a longtime family friend of your former girlfriend, Sofia Dias.
2. Melanie Cunha had known you for about six years. In April 2023, you advised her of an investment opportunity in a three-month term deposit with a high interest return of 8.76 per cent.
3. As a result of this this, Ms Cunha transferred $30,000 into your CBA account, however she did not receive funds at the time the supposed investment should have matured. After a number of phone calls to you, on 2 November 2023 you transferred $1,000 into this victim's account, advising that there would be a further return.
4. However, you had never purchased the financial products and the victim did not receive any further repayment.

1. The fifteenth victim is Helen Rossiter, who was a client of Freedom Finance.
2. From November 2022, you had been her financial adviser, advising her on her pension fund and other financial arrangements.
3. On 13 April 2023, you advised this victim of an investment opportunity in a bond with a high-interest return. The victim then transferred $70,000 into your CBA account.
4. Between September and December 2023, you convinced this victim to invest a further $280,000 from her pension fund.
5. By November 2023, you no longer held a financial services licence, as your authorisation and employment with Freedom Finance had been terminated on 18 October 2023. The victim transferred funds into your CBA account, not being aware that your employment had been terminated.
6. Between April 2020 and December 2023, you received a total of $353,000 from the victim, who paid the funds directly into your CBA account.

1. The sixteenth victim is Benjamin Szabo, who was a family friend.
2. On 15 April 2023, you contacted Mr Szabo through Facebook and told him about an opportunity to invest in a term-deposit investment with a rate of 9 per cent interest.
3. Between 17 and 24 April 2023, this victim made four transfers to you, totalling $400,000. You provided a copy of a document entitled "Freedom Finance Australia advice deposit", which falsely claimed an investment had been made on Mr Szabo's behalf.
4. In May 2023, you told the victim about a further investment opportunity for a term deposit. Mr Szabo then transferred a further $650,000 to you for this purpose. Again, you provided a false document entitled "Freedom Finance Australia" purporting to record a deposit and which falsely claimed that $650,000 had been invested on the victim's behalf.
5. In July 2023, Mr Szabo had a meeting with you, where he asked about the return of his investment. You told him that, to release the interest, a payment referred to as a "tax wash payment" needed to be made. Between 19 July and 8 September 2023, this victim transferred a total of $148,000 to your bank account for this purpose.
6. Subsequently, the sixteenth victim made a number of requests to you for the return of his money. He told you he needed the money to make an offer to purchase a particular commercial property he had in mind. On 28 September 2023, the victim sent an email demanding a written timeline for the return of his investment and threatening legal action. On 3 October 2023, you replied with a timeline for returning the purported investments.
7. On 6 October 2023, the victim purchased the commercial property and contacted you, saying that he needed the funds to avoid defaulting.
8. Between 17 April and 8 September 2023, you obtained $1,198,000 from Benjamin Szabo and he never received any money back. Again, you had never purchased any financial products for this victim.

1. Toby Wilson is the seventeenth victim in this matter. He worked with you at Freedom Finance.
2. By 2023, Mr Wilson had left Freedom Finance, but remained friends with you. You were also Mr Wilson's financial adviser.
3. In June 2023, you contacted this victim and advised him of an investment opportunity in a term deposit, with a 21.7 per cent interest return. You advised that the investment was to be through a business owned by your uncle, called "Waterwerx".
4. Mr Wilson agreed to transfer $15,000 into your account. As usual, you made no such investment. When Mr Wilson contacted you at a time when the investment was supposed to mature, you made a number of excuses for not repaying the money.
5. On 15 September 2023, you paid $1,575, indicating this was a partial interest payment on Mr Wilson's investment. A few days later, you asked him if he would be interested in further investments, as your uncle was selling his business and this would be the last opportunity to invest. Mr Wilson then transferred $35,000 to you.
6. On 23 September 2023, you contacted this victim, advising there was capacity for a further investment of $10,000 and that you would cover $8,000 if the victim would invest a further $2,000. The victim then transferred a further $2,000 into your account.
7. Therefore, you obtained a total of $62,000 from Toby Wilson, between 4 July and 27 September 2023- I was told that $10,000 was returned to him. I was told that even though the total financial advantage obtained was $62,000, the charge had been resolved on the basis that the financial advantage obtained was $52,000, (apparently allowing for the repayment of $10,000 in this particular instance).

1. The eighteenth victim is Lewis Orr, who was a colleague of yours at Freedom Finance. You were also Mr Orr's financial adviser.
2. In June 2023, you and the victim had a conversation about an opportunity to invest in a short-term deposit. Investment was to be through your uncle's business, "Waterwerx".
3. On 6 July 2023, Mr Orr transferred $15,000 into your account. No investment was made; when the victim contacted you in relation to the supposed maturity of the investment, you made a number of excuses to avoid repayment of any funds to him.
4. On 15 September 2023, you paid $1,575 to this victim, saying that this was a partial interest payment on the investment.
5. You convinced this victim that you would roll over the outstanding $15,000 from the previous investment into another investment opportunity for a period of twenty-seven days with 28 per cent interest return. When that purported investment was supposed to mature, Mr Orr made a number of enquiries with you. You continued to make excuses, but did not repay the money.
6. Therefore, you obtained a financial advantage of $15,000 from this victim on 6 July 2023.

1. The next victim is Manual Dias, who is the father of your then girlfriend, Sofia Dias.
2. In July 2023, you convinced this victim to invest into a term deposit with Macquarie Bank with a high-interest return. Mr Dias invested $60,000, transferring the funds into your CBA account. The investment was supposed to be for a forty-day period.
3. When that period had elapsed in November, the nineteenth victim made a number of attempts to have you return the investment.
4. After saying he would go directly to Freedom Finance, you transferred $56,139 into Mr Dias's bank account in a series of transactions between 24 October and 29 November 2023.
5. Therefore, the victim in this matter paid you $60,000.

1. The victims in relation to Charge 20 are a Gary and Carolyn Smithett, who were clients of yours through Freedom Finance.
2. In August 2023, you attended the home of these victims and discussed an investment in a term deposit with a high interest rate. You advised the victims that if the funds were transferred into your Freedom Finance account and combined with other investors, the larger amount of funds would attract a higher interest return.
3. Acting on this advice, the victims transferred a total of $428,000 to you between 17 August and 4 October 2023. You provided the victims with documents containing the Freedom Finance logo, which stated that the money had been invested. However, no such investment had been made.
4. In December 2023, Mr and Mrs Smithett were told by Freedom Finance that you no longer were a financial adviser working for them and there were problems with your behaviour relating to clients.
5. Therefore, these victims paid you a total of $428,000 which went into your CBA account, none of which was returned.

1. The victims in relation to this charge are Erta and Fabio Rubin, who are your third cousins. They knew that you were a financial adviser and worked at Freedom Finance.
2. In August 2023, you went to the victims' home and told them about an investment opportunity in a term deposit with a high interest return. As a result of your advice, these victims transferred $70,000 to you, believing they would receive 10.39 per cent interest return over ninety days. You provided the victims with paperwork outlining the terms of the investment, but, again, you made no investment for them.
3. Therefore, between 21 and 25 August 2023, you obtained $70,000 from your third cousins.

1. The victim in relation to this charge is Anthony Pucci, who is a distant cousin of yours, but is closely connected to your family.
2. On 24 September 2023, after sending his wedding invitation to your parents, you sent a message to Mr Pucci, telling him of an investment opportunity that would make him money for his wedding.
3. On 25 September 2023, you attended at the victim's home and told him of a term deposit with Macquarie Bank. You advised Mr Pucci that the investment was a term deposit for forty-two days and would earn 11 per cent interest. Mr Pucci transferred $80,000 into your CBA account, but no investment was made by you.
4. In December 2023, Mr Pucci was advised by family members of your termination of employment and that the funds had never been invested.

1. The victims in respect of this charge are Nicola and Aimee Mazza, who were family friends of yours.
2. While Nicola and Aimee Mazza were on an overseas trip, you connected with them via Facebook. When they returned, you telephoned them and told them that there was an investment opportunity with Freedom Finance. You convinced these victims to invest in a high-interest opportunity of 10 to 11 per cent term deposit for forty-five days.
3. Between 11 October and 17 October 2023, the victims transferred a total of $250,000 into your CBA account.
4. Subsequently, numerous attempts were made to contact you and enquire about the investment, without success. When the victims contacted Freedom Finance, they were told you had been terminated and there was no record of any such investments made by you.

1. The victims in relation to Charge 24 are Bradley and Helen Rossiter, who were referred to you by Helen Rossiter. You became their financial adviser through Freedom Finance.
2. On 17 October 2023, you met with the victims and convinced them to invest in a term deposit with a high-interest return.
3. On 18 October 2023, you had your authorised representative licence and employment suspended by Freedom Finance. On the same day, you provided these victims with documents outlining their investment, which appeared to be legitimate documents from Freedom Finance.
4. The victims transferred $380,000 to your CBA bank account in a series of transactions between 19 October and 7 December 2023.
5. During the month of December 2023, the victims made attempts to contact you and enquire about their investment, however you avoided them.

1. On 27 February 2024, you were arrested and interviewed by police.
2. During your interview, you generally made admissions in relation to the offending. You also said the following:

(a) you worked at Freedom Finance for seven to eight years as a financial adviser;

(b) you would often give advice to people to get them to make deposits and used the money to gamble and pay other people back;

(c) You would talk to people and offer high rates to get them to transfer money to you;

(d) you started "full on" gambling last year;

(e) the majority of funds were sent to your personal bank accounts;

(f) you said you were in too deep and the stress was incomprehensible;

(g) when you transferred money back to some of the victims, your intention was to repay them, not to induce them to make further transfers;

(h) you were trying to win enough money to pay everyone back.

1. A subsequent analysis of your bank statements and other financial documents by a forensic accountant on 12 August 2024 resulted in the identification of $4,478,100.51 as being deposited into your CBA accounts between 13 February 2020 and 18 December 2023. He also identified that you had $9,949,715.87 in credits from betting and $13,228,269.90 in withdrawals from betting. The betting transactions related to a series of fifty-two different betting companies. I intend to name some of those companies and give further details in relation to the forensic accountants report in due course.
2. Mr Del Vecchio, your offending is most serious and deserving of a punishment which is just in all of the relevant circumstances. Your conduct must be strongly denounced.
3. In assessing the seriousness of your offending, I have taken into account that it endured for over three years, which is a substantial period and involved a substantial number of victims who, in most, if not all cases, could ill afford to part with the sums of money that they did. In the main, the individual sums which you took were most substantial- the total sum you stole was vast.
4. You breached the trust that the victims placed in you as a financial adviser and in many instances, as a friend and/or family member, callously taking advantage of such relationships to commit the offences. The significant breach of trust is an aggravating feature of your offending. Further, the offending was planned and had a level of sophistication to it in a number of instances, especially where you used false documents and manufactured investment schemes and the like in order to defraud the victims.
5. Further, in a number of instances, the offending went beyond opportunistic, as you actively sought out your victims, knowing full well they could ill afford to part with such significant sums of money, which, in a number of cases, were their life savings. You chose to do so on occasion, knowing that particular victims had particular needs for their hard-earned money, but apparently your need to gamble and use the money for your own benefit was your priority.
6. I accept that you had a raging gambling addiction, especially as time wore on; however, this is an explanation, rather than any excuse or matter in mitigation, which was accepted by your counsel. In a number of instances, you were persistent, returning to some victims in order to further defraud them.
7. Whilst you did repay some money to some victims, the only significant repayment of the money that you effectively stole, was to Diogo Dias and Manual Dias. Vast amounts remain outstanding. As to whether you genuinely intended to repay the victims by deludedly believing you could recoup your losses from gambling is far from clear, despite what you told police; I suspect that you made some repayments to ensure that your offending was not discovered, but I will put my suspicions to one side. What is clear is that you were in the grips of a gambling addiction which you were prepared to feed by any fraudulent means that you could. The addiction explains your behaviour but it does not excuse it or impact on your moral culpability.
8. The objective seriousness of your offending is high, as is your moral culpability.
9. I take into account the impact on the victims in this matter, a number of whom prepared victim impact statements. I have read each of the Victim Impact Statements in this matter and a number of victims read their statements aloud at the plea hearing, while some had the Learned Prosecutor read their statements to me; whether read aloud or not, I have taken each of these into account. In all, the impact to the victims who provided victim impact statements, has been nothing short of devastating and has profoundly impacted their lives and well-being, not only because of the loss of the various sums of money that you deprived them of, but also because of the hurt and betrayal of trust involved in your offending.
10. A number of the victims have also been negatively impacted by the loss of contact with family members who have supported you-effectively, your extended family which was once a very close and happy unit, has imploded. Some victims also spoke of feeling especially hurt because of you knowing about their vulnerable situations-in particular, one victim said that you offended against her at a time when you knew that her daughter was being treated for cancer. Others spoke of your awareness as to their need of the money that they entrusted to you and spoke of the hardship that they were enduring without the funds that they had given to you to invest.

As I said at the plea hearing, although a number of the victims have expressed feelings of humiliation, shame, and guilt for being taken in by you, the only person who should be feeling such emotions is you, Mr Del Vecchio.

1. You have no prior convictions, which is a matter in your favour, although this is against a backdrop of over three years of offending and being in a position to offend because you were a licensed financial adviser, working for a legitimate company offering such services. You continued to offend even after losing this position. Having said all of this, I have taken into account in your favour that you have no prior convictions, as I must do.
2. I do not take the step of finding that your offending is aggravated by you using your good character to commit the offences. You used your position of trust in order to commit the offences, as I have said.

1. I take into account your background.
2. At the time of the offending, you were aged between 26 and 30.
3. You are now 32 years old.
4. Your family consists of your father, mother and younger sister. Each of these people and others were in court in support of you at the plea hearing. It is evident that you are well supported in the community, which is a matter in your favour, as this is relevant to your prospects of rehabilitation, specific deterrence and protection of the community.
5. You were educated in Melbourne, completing secondary school with an ATAR of 95. You then went to Deakin University and completed a Bachelor of Commerce. Your formal employment post-university has been as a financial adviser.
6. I was told that in 2019 you developed a gambling addiction which began with online racing and sports betting across multiple providers. Initially, you were gambling approximately $100 per week but this grew over time. Inevitably, you lost money, so made the decision to use your clients' funds to try and chase the losses you had incurred. However, the losses escalated leading to further offending with you seeking to claw back those losses.
7. Towards the end of the offending period, the amounts being gambled were in the thousands per bet, with multiple bets being placed every day. The availability of the gambling apps on your smartphone meant that your access to offending behaviour was 'at your fingertips', as your counsel put it.
8. I was told that you were allocated a specific client manager or VIP manager by some of the gambling providers. I asked your counsel to provide me with details in relation to this, which are now to hand.
9. In further written submissions dated 28th March this year, Mr Menon told me that there were approximately 8 to 10 betting companies that offered you 'relationship' or 'VIP managers'. You said that you could not recall the names of any of the individuals you dealt with, or all of the companies that offered this so called service, but you clearly recalled that such people were offered by the following betting agencies:

(a) 'Neds',

(b) 'Ladbrokes'

(c) 'Pointsbet',

(d) 'TAB',

(e) 'Mintbet'

(f) 'Bluebet'

1. You said that your assigned 'Relationship' or 'VIP Managers' would contact you very soon after you placed larger bets with their agency. Contact would be made by text or phone, with some agencies contacting you daily. These individuals would offer you tickets to sporting events as well as bonus bets, which, I understand you would accept.
2. If you were successful in a wager, you would often be sent a text almost immediately after the win, offering a way to 're-invest' it.
3. I was told that if you did not place a bet or deposit money for a short period of time, you would receive push notifications, offering you deals to encourage further bets and deposits.
4. As you deposited greater amounts and made more serious wagers, there was never a time when any gambling service questioned your conduct. No limits were placed on any bets made by you nor on any deposits.
5. It is apparent from the forensic accountant report, which was prepared in this matter that, from 13 February 2020 to 4 January 2024, you were engaged in gambling with fifty-two different betting outlets, with "MintBet" at the top of the list of highest to lowest net fund outflows. (Paragraph 27).
6. In relation to 'MintBet', the sum of withdrawals during the period to which I have just referred, was $2,261,736 and the sum of credits or deposits was $1,247,976.60.
7. Next is "TAB", with the sum of withdrawals being $2,566,815, with deposits/credits shown as $1,649,546.
8. Next is "PointsBet", indicating $2,872,711 worth of withdrawals and $2,130,246 worth of deposits/credits.
9. Number four on the list is "Bet Nation" with withdrawals of $1,035,500 and $604,743 credits.
10. Number five - "Neds": $1,021,899 in withdrawals and credits of $791,149.
11. At number six is "Ladbrokes", with withdrawals totalling $964,035 and credits of $735,832.
12. At number nine is "CrossBet", with $235,780 worth of withdrawals and $106,217 worth of credits.
13. Next is "Bluebet", with $270,599 worth of withdrawals and $178,994 in credits.
14. Next is "PalmerBet Pty Ltd": $294,791 withdrawals and $212,858 credits.
15. At number fourteen is 'Southern Cross Bet": $109,920 in withdrawals and $91,977 in deposits.
16. "EliteBet" ꟷ $97,980 withdrawals and $87,763 deposits.
17. "VicBet" ꟷ $16,700 withdrawal and $11,433 deposits.
18. There are other entries in this list in the thousands and tens of thousands of dollars, including, at number forty-eight, "WishBet Australia" ꟷ $81,950 withdrawal and $90,506 deposit, and "GoldBet" ꟷ $547,900 withdrawal and $560,160 deposit.
19. The total net fund outflow was negative $4,278,553.93
20. Table "C" of this report, in its entirety, will be annexed to my sentencing reasons (Annexure 'A'), as it demonstrates the extraordinary sums of money you gambled, money which was not yours for the most part, and also reveals the various betting agencies who were apparently happy to take that money without any qualm or enquiry.
21. Such business practices by these betting companies embody the expression 'the banality of evil' in my view, and it is staggering that they are able to operate in our community in the ways that I have described, with impunity.
22. I was told that after your offending was discovered, you commenced gambling counselling in December 2023 with a Ms Sochetta Chhim, a therapeutic counsellor with Better Health Network. You commenced weekly appointments which eventually stretched to fortnightly ones. I have taken into account the letter from Ms Chimm dated 14th March this year. You presented to that service in December 2023 with concerns about problem gambling and declining mental health. You then engaged in counselling sessions in January 2024 and consistently attended regular sessions every week then fortnight. So much for their slogan 'Gamble Responsibly'!
23. The letter says that your therapy was focused on reducing symptoms which were said to underlie your gambling addiction and which helped to regulate your emotions and other aspects of your life, including abstaining from gambling. You engaged in cognitive behavioural therapy as well as other therapies. You reported that you had achieved your therapeutic goals and attended your final session with BHN in March 2025.
24. You also received counselling for your mental health from a Dr Behrooz Maylie, consultant psychiatrist, such counselling directed towards your anxiety and gambling disorder in the main. You have received medication to address your symptoms of anxiety. However, I understand that your anxiety has somewhat moderated in intensity.
25. I have read and considered Dr Maylie's report. He has treated you professionally for a number of months now. He concedes that he is not an independent forensic report writer but, as your counsel indicates, he does have the benefit of having worked with you in a therapeutic context for a longer period of time than might otherwise be the case.
26. I have taken into account Dr Maylie's report in a general way, although noting that he is not a forensic psychiatrist and has not conducted any proper testing in relation to assessing your risk of re-offending. He was of the view that your childhood and personal experiences, which included high expectations and the pressure to achieve, may have contributed to your vulnerability to anxiety and escapism through gambling (emphasis mine).
27. He is of the view that you meet the diagnosis of gambling disorder and anxiety. He appeared to be of the view that your resort to gambling was a maladaptive coping mechanism. However, it was not submitted that there was any impairment of mental function which would serve to reduce your moral culpability which, as I have previously found, is high.

Your counsel submitted that your anxiety, whilst being well-managed now, would likely be stimulated in a custodial setting and make your time in custody more difficult than someone without such a condition. However, it was submitted that the mitigation was likely towards the lower end.

1. I accept that you do suffer from anxiety which has been well-managed in the community but may well exacerbate in a custodial setting, making your time in custody more difficult than would otherwise be the case. However, I make a fairly marginal allowance in this regard in circumstances where your state of anxiety is, or has been, fairly stable and moderated.
2. However, I note that this is your first time in jail and that, for this reason, time in custody will be harder for you than for a more seasoned prisoner.
3. I accept that you made substantial admissions to the police in your record of interview and entered pleas of guilty at the earliest possible stage. In these circumstances, the law provides that you are entitled to a significant discount in the sentence you would otherwise receive, as you have saved the witnesses the time and trouble of giving evidence, and you have saved the community the time and expense of contested proceedings.
4. It was submitted that you are remorseful for your conduct. This is somewhat complicated in circumstances where you actively engaged in this conduct, persistently approaching victims, and you did not see fit to stop until your offending was discovered, having offended over the course of approximately three years or more.
5. I also factor in that you had a gambling addiction and that, like many in such situations, you may have foolishly believed that you would be able to bet your way out of the increasingly serious debts that you were incurring, using the victims' money to keep going. At times, you did make some effort to make some repayment to some of the victims, although this was rather insubstantial in most cases and I am not satisfied on the balance of probabilities that these efforts sprang from feelings of remorse.
6. However, having been caught by police, you made admissions, pleaded guilty at an early stage and have expressed remorse to various of the character referees and material from your treating professionals. You also belatedly provided a letter of apology to the court which I have considered. In that letter you offer your sincere and heartfelt apology to the victims and acknowledge the harm you have caused them, both financially and emotionally. In that letter, you say that you will continue to make every effort to rectify your wrongs, whether through restitution or other means, and that you were committed to proving that you are capable of change. You attribute your offending to your gambling addiction for which you have sought professional help.
7. Although your letter is of a somewhat self-serving nature, and provided very late in the piece, I accept that you have expressed remorse to others in accordance with the material before me. In the end, I accept that you are remorseful for your offending and have some insight into the seriousness of what you have done; but, in my view these are both works in progress. When you are released from gaol, it is to be hoped that you keep to your word and engage in honest, hard work to repay the victims.
8. I have taken into account the character references insofar as I can, and I have factored in that you have been an invaluable volunteer at Power Neighbourhood House over the past two years, becoming an integral part of their community. I am concerned that the particular referee from that organisation does not indicate an awareness of your offending and, indeed, refers to you as having a strong moral compass, which I am afraid is not consistent with the offending for which I now sentence you. I have also factored in your volunteer work with "Ben's Place" and the character reference written in support of you in relation to that voluntary work.
9. Putting aside the lengthy period during which you offended, I find that you are a person of otherwise good character, which is a matter which counts in your favour.
10. Your counsel submitted that in view of the gains you had made in the past years since your offending, including your counselling and psychiatric treatment, that your prospects of rehabilitation were excellent.
11. In my view, taking into account the nature of your offending, its duration, but also factoring in your lack of criminal history, your efforts towards rehabilitation, as well as your early pleas of guilty and cooperation with the police and, developing insightful remorse, I assess your prospects of rehabilitation as being quite good. Much will depend upon your ability to maintain abstention from gambling. I have also factored in that you will be unable to be a licensed financial adviser ever again, and that gaol will be a salutary experience for you.
12. I place less than moderate weight on specific deterrence and protection of the community. However, I place strong weight on general deterrence in a bid to deter others from behaving as you have.
13. Your counsel provided me with a table of other cases and the prosecution also provided me with some other cases in respect of current sentencing practice. I have had regard to these other cases, bearing in mind that current sentencing practice is but one sentencing consideration and not a controlling one.
14. It is accepted by you, most sensibly, that nothing short of a head sentence with a non-parole period is warranted. Your counsel submitted that the sentence I impose ought not be crushing and to have due regard to the principle of totality in sentencing you, adjusting cumulation to accommodate for this.
15. The prosecution submitted that a head sentence with a non-parole period was warranted and that a large gap between the head sentence and non-parole period was not, in all the relevant circumstances.
16. I have applied the principle of totality in your case, which has meant that fairly modest periods of cumulation have been directed, and only in respect of some of the charges.
17. I must also bear in mind that although you are not a youthful offender, you are still quite young, and I ought do what I can in the circumstances to promote your prospects of rehabilitation, which is something that will not only assist you, but help protect the community from further offending by you.
18. In my view, in all of the relevant circumstances, it is appropriate to provide for a rather large gap between the head sentence and non-parole period in your case.
19. You are convicted of the offences.
20. On being found guilty of Charge 23, you stand to be sentenced as a continuing criminal enterprise offender in relation to Charges 7, 16, 23 and 24. It will be entered into the court records that you are being sentenced as such, in relation to each of these offences, where the maximum penalty is 20 years' imprisonment, due to the fact that each of these rolled up charges includes a single transaction where a financial advantage that you obtained was $50,000 or more.
21. You are sentenced to the following periods of imprisonment:
    • Charge 1 - 2 years
    • Charge 2 - 2 years
    • Charge 3 - 2 months
    • Charge 4 - 10 months
    • Charge 5 - 18 months
    • Charge 6 - 12 months
    • Charge 7 - 13 months
    • Charge 8 - 5 months
    • Charge 9 - 3 years
    • Charge 10 - 5 months
    • Charge 11 - 6 months
    • Charge 12 - 2 years
    • Charge 13 - 10 months
    • Charge 14 - 5 months
    • Charge 15 - 3 years
    • Charge 16 - 5 years 4 months - this will be the base sentence.
    • Charge 17 - 6 months
    • Charge 18 - 4 months
    • Charge 19 - 5 months
    • Charge 20 - 4 years
    • Charge 21 - 9 months
    • Charge 22 - 10 months
    • Charge 23 - 2 years 8 months
    • Charge 24 - 3 years 8 months

1. As I have said, the sentence on charge 16 is the base sentence
2. I direct that:

(a) 2 months from the sentences on charges 1,2, and 12,

(b) 1 month from the sentences on charges 5,6,7,

(c) 3 months from the sentences on charges 9, 15, and 23,

(d) And 4 months from the sentences on charges 20 and 24,

be served cumulatively with each other and with the base sentence, producing a Total Effective Sentence (TES) of 7 years 6 months imprisonment.

1. I direct that you serve 4 years imprisonment before becoming eligible for parole.
2. I declare that you have already served 28 days by way of pre-sentence detention.
3. If not for your pleas of guilty, I would have sentenced you to a TES of 9 years 6 months with a non-parole period of 6 years 6 months.