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ASIC freezes assets of FMPE
Financial Standard
|September 08, 2025
The Federal Court imposed urgent interim orders to freeze the assets of First Mutual Private Equity (FMPE) and its sole director Gregory Raymond Cotton, with ASIC concerned more than $50 million of investor funds is at risk.
ASIC is investigating FMPE and Cotton, alleging $53 million intended for investment may “have not been used for that purpose and may be at risk.”
Financial Standard understands the funds run by FMPE were being sold by a group of unlicensed representatives, claiming they could do so under exemptions in section 708 of the Corporations Act. Financial Standard understands this was reported to ASIC in June 2024.
ASIC sought these orders on an urgent basis to safeguard investor funds while the investigation is underway, it said.
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