The Australian Securities and Investments Commission (ASIC) has filed a contempt application in the Federal Court against Joshua David Fuoco, the former director of Melbourne-based Wealth & Risk Management Pty Ltd.
On February 5, 2018, Mr. Fuoco was ordered by the Federal Court not to practice or engage in a financial services business for ten years.
ASIC alleges that from March 2019 to April 2023, in breach of these orders, Mr Fuoco was involved in the conduct of a financial services business through five companies:
- State Advice Pty Ltd;
- Ansa Finance Pty Ltd;
- AFSL Group Pty Ltd;
- About Advice Pty Ltd? and
- Advice Now Pty Ltd
In issuing the February 5, 2018 orders, the Court found that Mr. Fuoco had breached his financial services obligations and engaged in unconscionable conduct. He was ordered to pay $650,000 in fines and $50,000 in costs. His businesses were ordered to pay $7.15 million in fines.
ASIC is now seeking orders against Mr Fuoco for contempt of court. If Mr. Fuoco is found liable, the Court may impose penalties which may include a fine, forfeiture of assets or imprisonment.