Former trading boss Stavro D’Amore charged with money laundering offences

The former chief executive of what was once Australia’s fourth-largest foreign exchange trading house has been charged with money laundering offences by the Commonwealth Director of Public Prosecutions.

Melbourne man Stavro D’Amore was charged in October with four counts of money laundering offences following a referral by the Australian Federal Police.

Two of the counts relate to transactions of over $1 million each, the other two counts relate to transactions over $100,000 each. The charges carry a maximum jail term of 12 years. D’Amore is yet to enter a plea.

D’Amore, whose social media page includes photos of himself with colourful Melbourne identity Mick Gatto, was charged over dealings totalling $2.74 million. The alleged offences occurred in April 2021.

The matter is before the Melbourne Magistrates Court.

Once known for his smartly tailored suits, D’Amore appeared briefly at court this afternoon via videolink wearing a t-shirt. Lawyers for D’Amore told the court that as they had been recently appointed they would need time to review the matter.

D’Amore was the CEO of Berndale Capital, which collapsed in 2019 owing customers more than $100 million.

D’Amore told the public examination into the collapse of Berndale it had once been the fourth-biggest seller of highly complex financial products known as contracts for difference.

D’Amore also told the examination that he had worked for the group’s predecessor company Forex TG.