Vincenzo Tesoriero, a key figure in the 2018 Forum Finance fraud case, is facing bankruptcy proceedings related to unpaid loans on luxury vehicles, including a high-performance Ferrari. The case is ongoing in the Federal Court of Australia, with the next hearing scheduled for September 17.
Tesoriero, 46, who was found by the Federal Court to be one of the masterminds behind a $500 million fraud scheme involving fake loans for office equipment and waste management machines, has come under legal pressure from BMW Australia Finance. The lender, affiliated with the German carmaker, is seeking to have Tesoriero declared bankrupt over defaulted payments linked to a 2018 Ferrari 4 Pista F142 Coupe he purchased.
The Ferrari, initially sold in Australia for $596,888, is capable of accelerating from 0 to 100 km/h in 2.8 seconds and can reach a top speed of 340 km/h. BMW Australia Finance claims Tesoriero owes at least $771,075.59—significantly more than the estimated current market value of the vehicle, which the lender values at approximately $605,650. This leaves an outstanding shortfall of around $165,425 that Tesoriero is required to cover should the car be sold for its estimated value.
Legal documents filed with the Federal Court indicate that Tesoriero fell behind on repayment obligations earlier this year after being served notice in April. The Victorian County Court previously ruled in favor of BMW Australia Finance in November 2023, confirming that Tesoriero was liable for the debt. In response, the lender has applied to appoint bankruptcy trustees Cor Cordis, with partners Daniel Juratowitch and Assassians Georgas consenting to the appointment.
Tesoriero has responded by lodging an application to set aside the bankruptcy proceedings. The Federal Court has yet to disclose all pertinent documents related to the case, noting that it is communicating with Tesoriero regarding any objections he may have to the release of those files.
The Melbourne-based businessman emerged from a privileged background, coming from a wealthy Italian family. Alongside Bill Papas, a fugitive former associate, Tesoriero was implicated in defrauding major financial institutions including Westpac, Sumitomo Mitsui Banking Corporation, and Societe Generale through fabricated loan schemes.
In addition to the financial and legal challenges he faces, Tesoriero was banned by the Australian Securities & Investments Commission (ASIC) in March from acting as a company director for five years. He has not appealed this ban as of yet.
The Federal Court’s upcoming hearing will further determine the course of Tesoriero’s bankruptcy case amid ongoing efforts by creditors to recover outstanding debts tied to his luxury vehicle purchases.