Federal Court extends freezing orders against First Mutual Private Equity and director Gregory Cotton

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The Federal Court has extended orders, first made on 15 August 2025, freezing the bank accounts of Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd ( First Mutual ) until further order.

The orders, made by consent, also continue to bar Mr Cotton and First Mutual from incurring new liabilities or transferring any monies in any bank account until further order. Mr Cotton is required to file affidavit evidence setting out the assets and liabilities of himself and First Mutual by 25 September 2025.

ASIC sought these orders to safeguard investor funds while an investigation is underway.

ASIC’s concerns include that Mr Cotton and First Mutual are suspected by ASIC to have received around $53 million, potentially for investment purposes, from March 2024 to July 2025; that a significant proportion of the funds is suspected to have been used for gambling purposes; and that, so far, no underlying investment of those monies can be identified by ASIC.

Mr Cotton is aware of ASIC’s concerns. As part of its ongoing investigation, ASIC is obtaining information in relation to any monies paid by investors to Mr Cotton and First Mutual in the period prior to March 2024.

ASIC intends to provide investors with further information regarding the status of their investments as soon as it is in a position to do so.

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Editor’s Note:

The Court has fixed a Case Management Hearing for 31 October 2025.