‘Bigger than The Wolf of Wall Street’ boss breaks down after prison sentence

Stavro D’Amore, the muscular boss of one of Australia’s largest trading firms, broke down in tears after being sentenced to three years and 10 months in prison for embezzling nearly $700,000 in client funds. The sentencing took place on August 9, 2026, following D’Amore’s guilty plea to three rolled-up dishonesty charges just days before his criminal trial in the Federal Court. His emotional reaction marked the culmination of a case that has drawn attention for its scale and the murky connections between finance and organized crime. D’Amore, who once compared his investment scheme to the infamous Wolf of Wall Street, built his reputation as a formidable figure in the financial world. Known for his imposing physique and association with powerful figures in Melbourne’s underworld, he often showcased his wealth through a collection of luxury McLaren cars, each valued at over $500,000. His leadership at Berndale Securities, a firm that specialized in high-risk financial products allowing investors to bet on stocks and commodities such as gold, made him a key player in Australia’s financial sector. However, his empire crumbled in 2018 when the company collapsed under scrutiny from the corporate watchdog, leaving behind nearly $9 million in losses for investors. The collapse of Berndale Securities led to a lengthy legal battle, culminating in a final payout of 4.5 cents per dollar to affected clients in February 2025. This came after the company had borrowed extensively from Mick Gatto’s trusted associate, “Fat Ange” Venditti, prior to its downfall. Despite these challenges, D’Amore continued to operate within the company, leveraging his position to siphon millions from client accounts. According to court records, he embezzled $681,496.98, using the funds to support his lavish lifestyle and make substantial payments to individuals unconnected to Berndale. Among the recipients of these illicit transfers were associates of the jailed gangland boss Tony Mokbel, for whom D’Amore funneled $250,000 to purchase two luxury apartments on the Gold Coast. Additionally, D’Amore used company funds to secure a deposit for his personal residence, subsequently selling the property through a contract assigned to the son of a lawyer with deep ties to organized crime. Other beneficiaries included his brother Mario D’Amore and Jonas Vong, a Berndale executive who competed in bodybuilding contests. Notably, Vong was found to have suffered an acquired brain injury during a 2020 examination conducted by liquidators investigating the company’s collapse. Despite the extent of D’Amore’s misconduct, there is no evidence suggesting that Mokbel, Venditti, or Gatto played any role in the operations of Berndale Securities or were aware of D’Amore’s actions. Similarly, neither Vong nor Mario D’Amore have been implicated in any wrongdoing. Justice Wendy Abraham, presiding over the case, emphasized the severity of D’Amore’s offenses, noting their impact on both Berndale’s clients and the broader financial markets. As a licensed financial services provider, Berndale was subject to strict regulatory oversight, yet D’Amore repeatedly violated these rules, prioritizing personal gain over the interests of his shareholders and customers. The court ruled that D’Amore’s actions constituted ongoing dishonesty spanning nearly two years. His behavior was characterized as deliberate and flagrant, showing a complete disregard for the legal and ethical responsibilities tied to his role as a director. D’Amore occupied the highest level of authority within Berndale’s management structure, making his betrayal of trust even more egregious. Investigations into Berndale’s past revealed deeper entanglements with organized crime. In 2020, public hearings uncovered the company’s historical ties to other international trading schemes accused of misappropriating investor funds. One notable link was to Yossi Herzog, a former director of Forex TG, Berndale’s predecessor, who is currently wanted in the United States on charges of securities fraud. Another individual, Aviv Talmor, who partnered with D’Amore at Forex TG and later joined Berndale, is currently serving a five-year sentence for related offenses. As D’Amore prepares to begin his prison term, the case continues to highlight the intersection of financial misconduct and organized crime in Australia. With further investigations likely to follow, the legacy of Berndale Securities, and the networks it once connected to, remains under scrutiny.