The Australian Securities & Investments Commission (ASIC) is investigating suspicions that much of around $53 million raised for private equity investment has been used for gambling.
On 10 September the Federal Court, in Brisbane, acting on a matter from the court’s Victoria Registry, extended orders, first made on 15 August, freezing the accounts of Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd until further order.
The orders, made by consent, continue to bar Cotton and First Mutual from incurring new liabilities or transferring any monies in any bank account until further order. Cotton is required to file evidence setting out the assets of himself and First Mutual by 25 September.
ASIC sought the orders to safeguard investor funds while investigation continues.
ASIC suspects that Cotton and First Mutual received around $53 million, potentially for investment purposes, from March 2024 to July 2025 and that a significant proportion of that funding was used for gambling. So far, ASIC has been unable to identify any investments made with the money.
First Mutual Private Equity’s Australian Business Name (ABN) registration lists the company’s principal place of business as: Chifley Plaza, Chifley Tower, Level 29, 2 Chifley Square, Sydney. The address for the service of documents is: 9 286 Toorak Road, South Yarra, Victoria.
The business name holder is Gregory Raymond Cotton.
The company has a website which includes performance statistics for various funds.
Image: Chifley Tower, Sydney, First Mutual Private Equity’s registered address.