ASIC seeks contempt orders against banned director
The Australian Securities and Investments Commission is seeking Federal Court orders against former Wealth & Risk Management director Joshua David Fuoco for contempt of court.
Last month, the corporate regulator filed a contempt application alleging Mr Fuoco had contravened court orders handed down in 2018 that barred him from carrying on, or getting involved with, a financial services business for 10 years.
It alleges that between March 2019 and April last year, he was involved with five financial services companies: State Advice, Ansa Finance, AFSL Group, About Advice and Advice Now.
If Mr Fuoco is found liable, the court can impose penalties that may include a fine, asset sequestration or a prison term, ASIC says.
The matter is yet to be listed for a first appearance in the Federal Court.
The 2018 orders were made after Mr Fuoco was found to have contravened financial services obligations and been involved in unconscionable conduct. He was ordered to pay penalties of $650,000 and $50,000 in costs, and his businesses were ordered to pay $7.15 million.