Former wealth adviser Joshua Fuoco has been held in contempt of court for defying orders made in 2018 barring him from the industry for 10 years. 

He has been sentenced to 12 months’ imprisonment, suspended for two years. He can never again be involved in financial services or credit activities, following an undertaking he gave to the court.

The Federal Court ruling last week came more than a year after the Australian Securities and Investments Commission filed a contempt application against the former Wealth and Risk Management director.

In the 2018 court orders, Fuoco was barred from carrying on a financial services business, carrying on a business related to financial products or financial services, providing financial product advice or dealing in financial products, or having anything to do with the industry.

He breached those orders between March 2019 and May 2023. In one such breach, he had a discussion with a colleague who was advising a client about insurance.

In last week’s ruling, Justice Christopher Horan said: “The restraint order made on February 5 2018 was clear and unambiguous. It can be readily inferred that [Fuoco] had knowledge and an understanding of the terms of the restraint order and its effect.

“I consider that the conduct ... amounts to a very serious contempt of court. The conduct involved the deliberate and persistent breach of the restraint order over a lengthy period, motivated by personal financial gain, with significant impacts on financially vulnerable individuals who were within the protection of the restraint order.”

See the judgment here.