ASIC sues former director of wealth management firm for contempt of court
The Australian Securities and Investments Commission (ASIC) has filed an application for contempt of court in the Federal Court against Joshua David Fuoco, a former Melbourne director of Wealth & Risk Management Pty Ltd.。
The Australian Securities and Investments Commission (ASIC) has filed an application for contempt of court in the Federal Court against Joshua David Fuoco, a former Melbourne director of Wealth & Risk Management Pty Ltd.。On February 5, 2018, the Federal Court ordered Mr. Fuoco not to conduct or participate in the financial services business for ten years.。
ASIC alleges that between March 2019 and April 2023, Mr. Fuoco was involved in the financial services business through five companies in violation of the above order:
- State Advice Pty Ltd
- Ansa Finance Pty Ltd
- AFSL Group Pty Ltd
- About Advice Pty Ltd
- Advice Now Pty Ltd
In an order dated February 5, 2018, the court found that Mr. Fuoco breached his financial services obligations and was involved in unconscionable conduct.。He was ordered to pay a $650,000 fine and $50,000 costs, and his business was ordered to pay a $7.15 million fine.。
ASIC is currently seeking a contempt order against Mr Fuoco。If Mr. Fuoco is found liable, the court may impose penalties including a fine, seizure of assets or imprisonment.。
Disclaimer: The views in this article are from the original author and do not represent the views or position of Hawk Insight. The content of the article is for reference, communication and learning only, and does not constitute investment advice. If it involves copyright issues, please contact us for deletion.
