The Australian Securities & Investments Commission (ASIC) has disqualified Vincenzo Frank Tesoriero of Caulfield North, Victoria, from managing corporations for the maximum period of five years, citing his involvement in the failure of 20 companies. The disqualification runs until 23 February 2031. ASIC found Mr Tesoriero acted improperly and failed to meet director obligations, including causing or allowing 11 companies to receive AUD 2,105,015 from Westpac that appeared to have been obtained through fraud, and causing or allowing nine companies to make payments totalling AUD 196,684.07 towards the mortgage of a house he lived in. It also found failures to lodge business activity statements and two years of income tax returns for nine companies, maintain adequate books and records for 17 companies (including Forum Finance Pty Limited, which failed to record approximately AUD 300 million of inflows and outflows), and complete and submit a report on company activities and property (ROCAP) to the liquidator for 19 companies. The affected entities included nine trustee companies for trusts that owned regional Victorian petrol stations, alongside other property and investment holding structures. Mr Tesoriero may seek review of ASIC’s decision by the Administrative Review Tribunal.
Australian Securities & Investments Commission 2026-03-13
Australian Securities & Investments Commission disqualifies Victorian director Vincenzo Frank Tesoriero for five years over misconduct linked to 20 company failures
ASIC has disqualified Vincenzo Frank Tesoriero from managing corporations for five years due to his role in the failure of 20 companies. ASIC cited improper conduct, including fraudulent receipt of AUD 2,105,015, misuse of company funds for personal mortgage payments, and failure to maintain adequate records. Tesoriero may seek a review of the decision by the Administrative Review Tribunal.