ASIC Freezes Bank Accounts of First Mutual Private Equity Pty Ltd
On 21 August 2025 the Australian Securities and Investments Commission (ASIC) announced that the bank accounts of Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd (First Mutual) have been frozen, pending an investigation.
On 21 August 2025 the Australian Securities and Investments Commission (ASIC) announced that the bank accounts of Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd (First Mutual) have been frozen, pending an investigation.
The ASIC announcement states that Orders were obtained from the Federal Court on an urgent basis in order to safeguard investor funds while an investigation is underway. ASIC’s immediate concern was that Mr Cotton and First Mutual were suspected by ASIC to have received around $53 million of funds intended for investment and that some of those monies are suspected by ASIC to have not been used for that purpose and may be at risk. The ASIC investigation is ongoing.
If you were advised by a financial advisor to invest into First Mutual, we ask that you contact Financial Dispute Legal to discuss your circumstances and consider any rights to recover compensation on 1300 433 533 or enquiry@fdlegal.com.au
