ASIC seeks contempt of court orders against former wealth firm director

On 5 February 2018, Joshua David Fuoco was ordered by the Federal Court not to carry on, or be involved in, a financial services business for 10 years.

However, in a statement on Thursday, the Australian Securities and Investments Commission (ASIC) alleged that between March 2019 and April 2023, in contravention of these orders, Mr Fuoco has been involved in carrying on a financial services business via five companies:

• State Advice Pty Ltd
• Ansa Finance Pty Ltd
• AFSL Group Pty Ltd
• About Advice Pty Ltd
• Advice Now Pty Ltd

Back in 2018, the Court found that Mr Fuoco had contravened financial services obligations and been involved in unconscionable conduct. He was ordered to pay pecuniary penalties of $650,000 and $50,000 in costs. His businesses were ordered to pay penalties of $7.15 million.

“ASIC is now seeking orders against Mr Fuoco for contempt of court,” the regulator said.

If Mr Fuoco is found liable, the Court can impose penalties which may include a fine, asset sequestration or a term of imprisonment.

The matter has not yet been listed for first appearance in the Federal Court.

ASIC has had a long history with Mr Fuoco, stretching back to 2010 when the regulator revealed it had banned Mr Fuoco from providing financial advice from 13 January 2010 to 12 January 2015. He then worked at Wealth and Risk Management from 22 July 2015 to 7 October 2016, according to the ASIC adviser register.

Then, in 2017, ASIC announced it has successfully applied to the Federal Court to make Joshua Fuoco a fourth defendant in proceedings against advice licensee Wealth and Risk Management (WRM) and its related companies Yes FP and Yes FS.

At the time, Mr Fuoco was described as the owner of WRM, Yes FP and Yes FS and the director of the three defendant companies until he was disqualified by ASIC from managing corporations for 2 1/2 years from 13 May 2016.

The application alleged at the time that Mr Fuoco was knowingly involved or concerned in various contraventions by WRM, Yes FP and Yes FS, including unconscionable conduct by WRM, Yes FP and Yes FS in contravention of section 12CB of the Australian Securities and Investments Commission Act. The case culminated in the 2018 court ruling.