The Australian Securities & Investments Commission (ASIC) reported that the Federal Court convicted former Wealth and Risk Management director Joshua Fuoco of contempt of court for deliberately defying orders that prohibited him from conducting or being involved in a financial services business for ten years. The Court imposed a 12-month term of imprisonment, suspended for two years, and Mr Fuoco gave an undertaking that he will never be allowed to be involved in financial services or credit activities. The contempt findings related to conduct between March 2019 and April 2023, when Mr Fuoco was found to have breached the 5 February 2018 injunctions through his involvement in five companies: State Advice, Ansa Finance, AFSL Group, About Advice and Advice Now. The Court found those businesses operated a model similar to the one denounced in 2018, affecting hundreds of vulnerable consumers and eroding their superannuation balances, and generating over AUD 2.2 million in income. Justice Horan found Mr Fuoco guilty of all 18 charges of contempt and described the conduct as premeditated and persistent defiance of the Court’s orders, while ASIC pointed to the decision as reinforcing the consequences of non-compliance with court orders.
Australian Securities & Investments Commission 2025-07-02
Australian Securities & Investments Commission reports Federal Court conviction of Joshua Fuoco for contempt and suspended 12-month prison sentence
The Australian Securities & Investments Commission (ASIC) announced that the Federal Court convicted former Wealth and Risk Management director Joshua Fuoco of contempt for violating a 2018 injunction prohibiting his involvement in financial services. Fuoco's conduct, involving five companies and affecting hundreds of consumers, generated over AUD 2.2 million and was described as premeditated defiance. He received a 12-month suspended sentence and agreed never to engage in financial services or credit activities.