ASIC has commenced action in the Federal Court seeking orders to restrain Spice Capital Partners Pty Ltd (Spice Capital) and its founder and Chief Executive Officer, Colin Oxlade, from engaging in unlicensed financial services activity.
ASIC alleges that Spice Capital and Mr Oxlade have carried on an unlicensed financial services business and have provided unlicensed financial product advice to investors and potential investors.
ASIC also claims that Spice Capital and Mr Oxlade raised at least $1.45 million from investors in just six months between February 2024 and July 2024 for purported investments in gold salvage operations from shipwrecks in the Solomon Islands and the refining of high-value mineral sands located on Queensland properties.
In 2017, ASIC banned Mr Oxlade from being a director for four years following the liquidation of two companies of which he was a director (17-187MR).
The Court will make orders fixing a timetable for these proceedings.
Download
Background
ASIC will seek Federal Court orders restraining Mr Oxlade and Spice Capital from carrying on a financial services business without an Australian Financial Services Licence.
This enforcement action follows ASIC’s director disqualification proceedings commenced in June 2025 against David Catsoulis, who was previously a director of Warwick Gold Holdings Pty Ltd and Impact Gold Ltd. Those companies were placed into liquidation in 2024, having allegedly raised at least $44 million from around 400 shareholders (25-134MR). Mr Oxlade was allegedly one of the persons who fundraised for those companies.