Australian Securities & Investments Commission secures Federal Court receivers over Gregory Raymond Cotton and First Mutual Private Equity assets amid alleged investor fund misuse

The Australian Securities & Investments Commission has obtained Federal Court orders appointing receivers over the assets of Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd as it investigates concerns about alleged misuse of investor funds. Existing asset-freezing orders made on 10 September 2025 remain in place. The Court ordered on 15 December 2025 that Robert Woods and Salvatore Algeri of Deloitte SRT Pty Ltd be appointed as receivers to the property of Mr Cotton and First Mutual until 17 April 2026. The receivers must identify and secure the defendants’ property, determine how much investor money was received, identify how those funds were used, and report to the Court by 20 February 2026. The orders follow ASIC concerns that investor funds were used by Mr Cotton (including for gambling) and to enable tracing of assets, including loans to third parties; ASIC’s investigation has indicated up to AUD 131 million may have been raised, around AUD 80 million allegedly spent on gambling, and around AUD 7.1 million of total assets identified to date. On the defendants’ application, the Court also permitted a further AUD 250,000 to be withdrawn from frozen bank accounts solely to pay legal costs. The next Court hearing is scheduled for 10 April 2026.