The Australian Securities & Investments Commission announced that David Fairfull, former chief executive officer of AI marketing company Metigy, has pleaded guilty to making false and misleading statements and to dishonestly using his position as a director to gain an advantage, contrary to the Corporations Act 2001. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC. The guilty plea relates to false information provided to potential investors about Metigy’s revenue and income in connection with three capital raises between October 2018 and October 2020 that raised approximately AUD 23.4 million, a secondary share sale in July 2021 in which investors paid approximately AUD 15.68 million for shares, and a planned capital raise of AUD 50 million. ASIC also said Mr Fairfull dishonestly used his position as a director in November 2021 to lend AUD 7.7 million from a Metigy company to finance a real estate purchase for himself, and noted the offences pleaded include contraventions of sections 1041E(1) and 184(2) of the Corporations Act 2001. Mr Fairfull first appeared in the Downing Centre Local Court on 8 November 2024, and the matter is due to be committed to the Federal Court of Australia on 17 November 2025 for a first case management date.
Australian Securities & Investments Commission 2025-11-04
Australian Securities & Investments Commission details guilty plea by former Metigy CEO for misleading investors and misusing director position
David Fairfull, former CEO of AI marketing company Metigy, pleaded guilty to making false statements and misusing his director position, violating the Corporations Act 2001. Charges involve misleading investors during capital raises and misusing company funds for personal real estate. The case, prosecuted by the Commonwealth Director of Public Prosecutions, is set for a first case management date in the Federal Court of Australia on 17 November 2025.