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Luxury yacht to be auctioned

The 'Mangusta', previously owned by an associate of Forum Finance founder Bill Pingapas is being auctioned in the second week of February 2022, as liquidators were seeking to recoup hundreds of millions of dollars owed to Westpac and other lenders. The luxury yacht is docked in Florida and was not initially disclosed by Vincenzo Tesoriero in court submissions, until its existence was reported by The Australian Financial Review. Mr Tesoriero, who sought to prevent the sale, is alleged by Westpac to be involved in a conspiracy along with Mr, Papas. Bill Papas’ business associate Vincenzo Tesoriero did not initially reveal his ownership of the $1.4 million yacht because it was moored in Miami and not subject to disclosure. According to court submissions, in an affidavit sworn on July 20, 2021, Mr. Tesoriero did not reveal the 'Mangusta'.