The Australian Securities and Investments Commission (ASIC) said in a release on Thursday that the Australian Federal Court has extended freezing orders against First Mutual Private Equity Pty Ltd (First Mutual) and its director, Gregory Raymond Cotton, as regulators investigate concerns about the handling of investor funds.
Australian Federal Court Freezes First Mutual Private Equity and Director’s Accounts Amid ASIC Probe
ASIC stated that the orders, first imposed on 15 August, have now been continued until further notice.
They are said to prevent Mr Cotton and First Mutual from moving money between bank accounts or taking on new liabilities. Mr Cotton has also been directed to file affidavit evidence detailing the assets and liabilities of both himself and the company by 25 September.
ASIC said it sought the extension to protect investor funds during its ongoing probe.
According to the regulator, Mr Cotton and First Mutual are suspected to have received around $53 million between March 2024 and July 2025, purportedly for investment purposes.
Regulators allege that a significant portion of the money may instead have been used for gambling, with no traceable underlying investments identified so far.
ASIC confirmed that Mr Cotton is aware of its concerns. As part of its investigation, the regulator is reviewing any payments made by investors to Mr Cotton or First Mutual before March 2024.
ASIC said it intends to provide investors with further updates “as soon as it is in a position to do so.”
