ASIC has filed a contempt application in the Federal Court against Joshua David Fuoco, the Melbourne-based former director of Wealth & Risk Management Pty Ltd.
On 5 February 2018 Mr Fuoco was ordered by the Federal Court not to carry on, or be involved in, a financial services business for ten years.
ASIC alleges that between March 2019 and April 2023, in contravention of these orders, Mr Fuoco has been involved in carrying on a financial services business via five companies:
- State Advice Pty Ltd;
- Ansa Finance Pty Ltd;
- AFSL Group Pty Ltd;
- About Advice Pty Ltd; and
- Advice Now Pty Ltd.
In making the 5 February 2018 orders, the Court found that Mr Fuoco had contravened financial services obligations and been involved in unconscionable conduct. He was ordered to pay pecuniary penalties of $650,000 and $50,000 in costs. His businesses were ordered to pay penalties of $7.15 million (18-033MR).
ASIC is now seeking orders against Mr Fuoco for contempt of court. If Mr Fuoco is found liable, the Court can impose penalties which may include a fine, asset sequestration or a term of imprisonment.
The matter has not yet been listed for first appearance in the Federal Court.
Background
In February 2018, the Federal Court found that Mr Fuoco’s three companies, Wealth and Risk Management Pty Ltd, Yes FP Pty Ltd (in liquidation) and Jeca Holdings Pty Ltd (in liquidation), contravened financial services laws and engaged in misleading and deceptive conduct and unconscionable conduct.
The Court found Mr Fuoco was knowingly involved in that misconduct.
Editor's Note 1:
The matter has been listed for case management hearing on 8 March 2024.
Editor's Note 2:
The application is listed for a further case management hearing on 14 June 2024.
Editor's Note 3:
The matter is next listed for case management hearing on 13 September 2024.
Editor's Note 4:
The case management hearing due for 13 September has now been rescheduled to 11 October 2024.
Editor's Note 5:
The case management hearing listed for 11 October 2024, has been vacated and relisted for 1 November 2024.
Editor's Note 6:
The case management hearing listed for 8 November 2024, has been vacated and adjourned to 6 December 2024.