The Australian Securities and Investments Commission (ASIC) has secured urgent court orders to freeze the bank accounts of Melbourne businessman Gregory Raymond Cotton and his company, First Mutual Private Equity Pty Ltd. Mr Cotton is the sole director of First Mutual.
The Federal Court‘s interim orders prevent Mr Cotton and First Mutual from incurring new liabilities or transferring funds from any bank account until further notice. ASIC applied for these orders to protect investor funds during an ongoing investigation.
Officials are particularly concerned about the management of approximately $53 million. It is believed that these funds were intended for investment but may not have been used appropriately. Some of this money could be at risk, according to ASIC.
Mr Cotton was notified of the court proceedings but did not attend the hearing. The investigation by ASIC is still active. A follow-up hearing is scheduled for 11 September 2025.
