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Ponzi minnow sentenced

28 January 2011 5:29PM
Hazel Bucello, sole director of Victorian Finance Broking, in Melbourne, was sentenced to four years and nine months jail by the County Court of Victoria. The Australian Securities and Investments Commission publicised the sentence yesterday.Bucello will serve a minimum 30 months before parole. She pleaded guilty to five counts of obtaining property worth $2.4 million and one count of obtaining a financial advantage by deception worth $141,800, ASIC said.ASIC said its investigation found that five investors placed more than $2.5 million with Bucello, believing their funds would be used to provide bridging finance, earning them a promised four to five per cent interest per month.The court ordered her to pay $1 million in compensation to the investors.

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