Regulatory Alerts2025-12-17
Federal Court appoints receivers over assets of Gregory Raymond Cotton and First Mutual Private Equity
ASIC secured a Federal Court order appointing receivers to the assets of Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd amid allegations of misusing investor funds for gambling. The receivers are tasked with identifying and securing assets, determining the amount of investor funds received, and reporting to the Court by 20 February 2026. This action follows an investigation revealing that approximately $80 million of the $131 million raised may have been spent on gambling rather than investment activities.
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