The Australian Securities and Investments Commission has banned former Sequoia Financial Group Managing Director and Chief Executive Officer Garry Crole for 10 years from performing any function as a director or responsible manager in a financial services business. The order took effect on Sept. 4, 2026, after ASIC found that Crole was not fit and proper or competent and lacked the diligence and judgment required of an officer in the sector. The findings concern Crole’s oversight of Sequoia subsidiary and Australian financial services licensee Interprac Financial Planning. ASIC found that he knew of serious concerns about advice provided by former authorized representatives, including their use of lead generators, but failed to respond adequately. It also found deficiencies in his oversight of Interprac’s approved product list, which included the collapsed First Guardian Master Fund and Shield Master Fund. The representatives had advised thousands of clients to invest their superannuation in those funds. Crole may apply to the Administrative Review Tribunal for a review of ASIC’s decision.
2026-09-08Australian Securities & Investments Commission
Australian Securities and Investments Commission bans former Sequoia executive Garry Crole from financial services roles for 10 years
The Australian Securities and Investments Commission has banned former Sequoia executive Garry Crole from serving as a director or responsible manager in a financial services business for 10 years. ASIC found that he failed to address concerns about Interprac representatives’ advice model and inadequately oversaw a product list that included the collapsed First Guardian and Shield funds.