The Australian Securities and Investments Commission (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.
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.
