The Australian Securities & Investments Commission (ASIC) announced that the Federal Court has extended freezing orders over the bank accounts of First Mutual Private Equity Pty Ltd and its director, Gregory Raymond Cotton, to safeguard investor funds while ASIC’s investigation continues. The orders, first made on 15 August 2025, remain in place until further order. Made by consent, the orders continue to prevent Mr Cotton and First Mutual from incurring new liabilities or transferring any monies held in bank accounts. Mr Cotton must file affidavit evidence setting out the assets and liabilities of himself and First Mutual by 25 September 2025. ASIC’s concerns include that Mr Cotton and First Mutual are suspected to have received around AUD 53 million from March 2024 to July 2025, potentially for investment purposes, with a significant proportion suspected to have been used for gambling and no underlying investment identified so far. ASIC is also obtaining information on investor monies paid to Mr Cotton and First Mutual before March 2024, and intends to provide investors with further information on the status of their investments when it is in a position to do so.
Australian Securities & Investments Commission 2025-09-11
Australian Securities & Investments Commission secures extended Federal Court freezing orders over First Mutual Private Equity and Gregory Cotton
The Australian Securities & Investments Commission (ASIC) announced that the Federal Court extended freezing orders on the bank accounts of First Mutual Private Equity Pty Ltd and its director, Gregory Raymond Cotton, to protect investor funds amid an ongoing investigation. Initially made on 15 August 2025, the orders prevent new liabilities or fund transfers and require Mr. Cotton to disclose assets and liabilities by 25 September 2025. ASIC suspects approximately AUD 53 million received by First Mutual and Mr. Cotton may have been misused for gambling rather than investments.