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.。