The Federal Court has extended asset-freezing orders against Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd, keeping their bank accounts locked while the corporate watchdog investigates the handling of tens of millions of dollars in investor funds.
The orders, first made on 15 August 2025 and continued by consent, also prevent Mr Cotton and First Mutual from taking on new liabilities or moving money from any bank account until the court directs otherwise. Mr Cotton must file an affidavit detailing the assets and liabilities of both himself and First Mutual by 25 September 2025.
ASIC sought the extended restraints as a protective measure for investors during its ongoing probe. The regulator says it suspects Mr Cotton and First Mutual received about $53 million between March 2024 and July 2025, potentially for investment purposes; that a significant portion may have been used for gambling; and that, to date, it has not been able to identify any underlying investment for those funds. Mr Cotton is aware of ASIC’s concerns.
As part of the investigation, ASIC is also gathering information about any monies paid by investors to Mr Cotton and First Mutual before March 2024. The regulator has told investors it intends to provide further updates on the status of their funds as soon as possible.
The court’s orders remain in force until further direction. A copy of the order is available on ASIC’s website.
