The Australian Securities and Investments Commission is seeking Federal Court orders restraining Royce Capital Investments Pty Ltd, Royce (Aust) Real Estate Pty Ltd, Louie Kortesis and Paul Chiodo from advertising, promoting or accepting Australian investors’ money for three offshore funds. The proposed orders would also prevent the respondents from undertaking those activities for financial products generally in Australia. ASIC alleges that Royce Capital raised AUD 1.536 million from five Australian self-managed superannuation fund investors in August 2025, purportedly for investment in the offshore funds, without holding an Australian financial services licence. It also alleges that Kortesis and Chiodo were involved in the unlicensed conduct and that Royce Capital and/or Royce (Aust) Real Estate made misleading or deceptive representations, including that investors would receive a guaranteed or fixed annual return of 13%.
Australian Securities & Investments Commission2026-08-03
Australian Securities and Investments Commission seeks court restraints over alleged unlicensed promotion of offshore funds to SMSFs
The Australian Securities and Investments Commission is seeking Federal Court orders to restrain two companies and two individuals from promoting three offshore funds or accepting Australian investors’ money. ASIC alleges Royce Capital raised AUD 1.536 million from five self-managed superannuation fund investors without a licence and that investors were given misleading representations of a guaranteed or fixed 13% annual return.