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Bucello pleaded guilty on 1 March 2010 to five counts of obtaining property worth AUD2,384,339 by deception andone count of obtaining a financial advantage by deception worth AUD141,800.

ASIC alleged that between 2004 and 2006, five individuals invested over AUD2.5 million with Mrs Bucello on the understanding their funds would be used to provide bridging finance to other VFBS clients. The investors were promised between 4 and 5 per cent interest per month on their invested capital.

ASIC’s investigation found that investors were in fact being repaid their own money, as is typical of a ponzi scheme, and that the scheme was reliant on new funds being invested to meet the promised interest payments. Those who invested at the very beginning fared much better than the last investor, who received no interest payments.

While some of the investors received interest payments, the capital invested was not repaid. Bucello used the remaining money to meet the financial obligations of VFBS and for her own purposes. VFBS collapsed in June 2006.

Bucello was also ordered by the Court to pay AUD1,207,537 in compensation to the investors.

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