Regulatory Alerts2025-09-11
Federal Court extends freezing orders against First Mutual Private Equity and director Gregory Cotton
ASIC obtained Federal Court orders freezing the bank accounts of Gregory Cotton and First Mutual Private Equity to safeguard investor funds during an ongoing investigation. The court barred the entities from incurring new liabilities or transferring monies while requiring Cotton to file asset and liability affidavits by 25 September 2025. These measures address suspicions that approximately $53 million received between March 2024 and July 2025 was used for gambling rather than identified investments.
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