The Australian Securities and Investments Commission has banned a Victorian director from managing corporations for five years after finding he acted improperly and breached his duties across 20 failed companies.
ASIC said Vincenzo Frank Tesoriero allowed 11 companies to receive $2,105,015 from Westpac in transactions that appeared to involve fraud and directed $196,684 from nine companies towards the mortgage of a house where he lived.
The regulator also found he failed to ensure nine companies lodged business activity statements and two years of income tax returns with the Australian Taxation Office (ATO). Seventeen companies did not maintain adequate books and records, including Forum Finance Pty Limited, which failed to record about $300 million in bank account inflows and outflows.
Nine of the failed entities served as trustees for petrol stations in regional Victoria, while others held property or investment assets.
ASIC relied on supplementary reports from liquidators at PKF Melbourne when imposing the ban. Tesoriero is barred from managing corporations until 23 February 2031 and may apply to the Administrative Review Tribunal for a review of the decision.
Last updated: 26th Mar 2026
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Ro Elvinia is ABN Australia's Customer Success and Marketing Manager. She holds a bachelor’s degree in mass communication, majoring in journalism, and also has an academic background in civil engineering. With over a decade of experience in professional writing and a background spanning journalism, Australian immigration, and business services, Ro brings a unique mix of communication and analytical expertise. She works closely with international clients and contributes to ABN Australia's content strategy, helping global businesses stay informed and confident as they navigate the Australian market.
Ro Elvinia
Customer Success and Marketing Manager