Australian Securities & Investments Commission (ASIC) Investigates First Mutual Private Equity & Director Gregory Raymond Cotton for Using $52.8 Million (AUD 80 Million) of $86.4 Million (AUD 131 Million) Funds Raised on Gambling & with No Actual Investment Activity, Australia Court Appoints Receivers from Deloitte SRT – Robert Woods & Salvatore Algeri for Assets of First Mutual Private Equity & Gregory Raymond Cotton
18th December | Hong Kong
The Australian Securities & Investments Commission (ASIC) is investigating First Mutual Private Equity & Director Gregory Raymond Cotton for using $52.8 million (AUD 80 million) of $86.4 million (AUD 131 million) funds raised on gambling, and with no actual investment activity. An Australia court has appointed receivers from Deloitte SRT – Robert Woods & Salvatore Algeri for assets of First Mutual Private Equity & Gregory Raymond Cotton. Announcement (17/12/25): “ASIC has acted to appoint receivers over the assets of Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd (First Mutual) as it investigates concerns about alleged misuse of investor funds. Following an application by ASIC, the Federal Court ordered on 15 December 2025 that Robert Woods and Salvatore Algeri, of Deloitte SRT Pty Ltd, be appointed as receivers to the property of Mr Cotton and First Mutual (the Defendants). The orders made on 10 September 2025 freezing their assets remain in place (refer 25-200MR and 25-260MR). The Receivers have been appointed until 17 April 2026 and they are required to: 1) identify and secure the property of the Defendants; 2) determine the amount of investor funds received by the Defendants; 3) identify the uses made of investor funds by the Defendants; 4) provide a report to the Court on these matters by 20 February 2026 … … ASIC took this action due to its concerns about the use of investor funds by Mr Cotton (including for gambling) to enable the Receivers to identify any assets belonging to the Defendants, including loans made to third parties. On the application of the Defendants, the Court also ordered that they be allowed to withdraw a further sum $250,000 from the bank accounts which are subject to the freezing orders, for the sole purpose of paying their legal costs. The next hearing has been fixed for 10 April 2026. Background – ASIC is investigating First Mutual Private Equity Pty Ltd and its director, Gregory Raymond Cotton, due to concerns that they may have allegedly raised up to $131 million in investor funds and that ASIC’s investigation indicates that around $80 million has allegedly been spent on gambling, with no actual investment activity found. At present, around $7.1 million of total assets of the funds invested have been identified. ASIC secured initial freezing orders over their assets in August 2025 to protect funds while the investigation continues (refer 25-174MR). More information for investors is available on ASIC’s website.“
“ Australian Securities & Investments Commission (ASIC) Investigates First Mutual Private Equity & Director Gregory Raymond Cotton for Using $52.8 Million (AUD 80 Million) of $86.4 Million (AUD 131 Million) Funds Raised on Gambling & with No Actual Investment Activity, Australia Court Appoints Receivers from Deloitte SRT – Robert Woods & Salvatore Algeri for Assets of First Mutual Private Equity & Gregory Raymond Cotton “
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Australian Securities & Investments Commission (ASIC) Investigates First Mutual Private Equity & Director Gregory Raymond Cotton for Using $52.8 Million (AUD 80 Million) of $86.4 Million (AUD 131 Million) Funds Raised on Gambling & with No Actual Investment Activity, Australia Court Appoints Receivers from Deloitte SRT – Robert Woods & Salvatore Algeri for Assets of First Mutual Private Equity & Gregory Raymond Cotton
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