The Australian Securities & Investments Commission has obtained urgent interim orders from the Federal Court freezing the bank accounts of Melbourne-based Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd, where Cotton is the sole director. The orders also prohibit Cotton and First Mutual from incurring new liabilities or transferring money from any bank account until further order, as ASIC seeks to safeguard investor funds while its investigation continues. ASIC’s immediate concern is that Cotton and First Mutual are suspected to have received around AUD 53 million intended for investment, and that some of those monies are suspected not to have been used for that purpose and may be at risk. Cotton was notified of the court hearing but did not attend. A further hearing is listed for 11 September 2025.
Australian Securities & Investments Commission 2025-08-21
Australian Securities & Investments Commission obtains Federal Court orders freezing Gregory Cotton and First Mutual accounts amid suspected misuse of around AUD 53 million
The Australian Securities & Investments Commission (ASIC) obtained urgent interim orders from the Federal Court to freeze the bank accounts of Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd, where Cotton is the sole director. The orders prevent them from incurring new liabilities or transferring funds, as ASIC investigates the suspected misuse of approximately AUD 53 million intended for investment. Cotton was notified of the court hearing but did not attend.