The Australian Securities & Investments Commission has commenced Federal Court proceedings seeking orders to restrain Spice Capital Partners Pty Ltd and its founder and Chief Executive Officer, Colin Oxlade, from engaging in unlicensed financial services activity, including carrying on a financial services business without an Australian Financial Services Licence and providing unlicensed financial product advice. ASIC alleges the respondents raised at least AUD 1.45 million from investors and potential investors in the six months from February to July 2024 for purported investments in gold salvage operations from shipwrecks in the Solomon Islands and the refining of high-value mineral sands on Queensland properties. The release also notes that ASIC banned Mr Oxlade from being a director for four years in 2017 following the liquidation of two companies, and links the matter to ASIC’s June 2025 director disqualification proceedings against David Catsoulis concerning companies allegedly raising at least AUD 44 million from around 400 shareholders, in which Mr Oxlade was allegedly involved in fundraising. The Court will make orders fixing a timetable for the proceedings.
Australian Securities & Investments Commission 2025-12-09
Australian Securities & Investments Commission commences Federal Court action to restrain Spice Capital and Colin Oxlade over alleged unlicensed financial services and AUD 1.45 million fundraising
ASIC has initiated Federal Court proceedings against Spice Capital Partners Pty Ltd and CEO Colin Oxlade for operating without a licence and providing unlicensed financial advice. They raised at least AUD 1.45 million for gold salvage and mineral sands investments. Oxlade was previously banned from directorship for four years, and the case is linked to ASIC's disqualification proceedings against David Catsoulis.