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About ASIC

First Mutual Private Equity Pty Ltd and Mr Cotton

ASIC is investigating all aspects of the business operated by Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd.

Key points

  • Following proceedings commenced by ASIC,  the Federal Court has ordered that the investment scheme operated by First Mutual Private Equity Pty Ltd (First Mutual) and Gregory Raymond Cotton (Mr Cotton) (Scheme) be wound up, on the basis that it is an unregistered managed investment scheme and that First Mutual be placed into liquidation.
  • The court also ordered the appointment of Robert Woods and Salvatore Algeri of Deloitte SRT Pty Ltd as liquidators (Liquidators) of the Scheme and of First Mutual.
  • Mr Cotton and First Mutual (Defendants) consented to the making of these orders.
  • The Liquidators role is to administer the winding up of First Mutual and the Scheme, including to identify and recover any available assets, receive proofs of debt from investors and to determine the amount of funds available for distribution to investors The amount, timing and availability of any future payments to investors will depend on the outcome of that process.
  • Investors seeking information about the liquidation should monitor updates from the Liquidators (see Contacting the Liquidators below).
  • The Defendants have been ordered to pay 75% of ASIC’s costs of the proceedings.
  • ASIC’s investigation into the Defendants is ongoing.

Background

Why has ASIC taken action to freeze the bank accounts and other assets of Mr Cotton and FMPE?

ASIC’s application was based on concerns which included that investor funds had not been used for the intended purpose of investment on the ASX.

What are the next steps in the court proceedings?

The orders appointing the Liquidators to First Mutual and the Scheme are the final orders in ASIC's proceedings and ASIC does not presently anticipate any further Court hearings.

Responsibility for the administration of First Mutual and the Scheme now rests with the Liquidators, who have the power to undertake investigations and administer the winding up process.

The Liquidators will communicate directly with investors and other stakeholders regarding next steps, including any information relevant to the timing of any payment to investors.

Investors who have questions regarding the liquidation process should contact the Liquidators directly.

What is ASIC investigating?

ASIC’s investigation into the affairs of First Mutual and Mr Cotton is ongoing.

ASIC is unable to comment at this time on the nature or scope of its investigations, or on any investigative steps that may be underway.

As the investigation remains ongoing, ASIC is not in a position to provide further information regarding potential outcomes or the timeframe for completion of the investigation.

Can I expect to recover my investment? What is the status of my investment?

ASIC acknowledges that this is the primary concern of investors.

At this stage, ASIC cannot provide information about whether investors will recover their investments, the amount of any potential recovery, or the timing of any future payments.

The Liquidators are now responsible for taking control of and investigating the affairs of First Mutual and the Scheme. As part of that process, they will identify and realise assets, investigate the financial position of the entities, and determine what funds may be available for distribution.

Any future distributions to investors will be a matter for the Liquidators to assess and administer in accordance with the law. Investors will be kept informed of relevant developments by the Liquidators.

Am I required to take any steps at this stage?

ASIC anticipates that the Liquidators will contact investors directly if they require further information or documentation in relation to their investments, or to provide updates regarding the liquidation process.

ASIC's investigation remains ongoing, and ASIC may contact investors in the future should information be required to assist that investigation. However, investors are not required to take any action unless contacted by the Liquidators or ASIC.

Investors are encouraged to retain any records relating to their investment in case those documents are required at a later stage.

Updates and media releases

  • 21 August 2025 - Federal Court freezes funds of Melbourne-based Gregory Cotton and his company First Mutual Private Equity Pty Ltd (25-174MR)
  • 11 September 2025 - Federal Court extends freezing orders against First Mutual Private Equity and director Gregory Cotton to protect investor funds (25-200MR)
  • 31 October 2025 - Freezing orders against Gregory Cotton and First Mutual Private Equity continue (25-260MR)
  • 17 December 2025 - Federal Court appoints receivers over the assets of Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd (25-306MR)
  • 14 July 2026 – Federal Court orders First Mutual Private Equity and unregistered managed investment scheme to be wound up (26-153MR)

Court documents

Originating Process - First Mutual Private Equity Pty Ltd (PDF 305 KB)

Orders - Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd (PDF 167 KB)

Contacting ASIC

FMPE investors can contact ASIC via email at fmpe.investor.queries@asic.gov.au.

While ASIC is endeavouring to respond to emails as soon as practicable, please understand:

  • we cannot answer individual queries about your investment
  • we may not be able to answer all questions immediately
  • ASIC can not provide legal advice
  • we are limited in the information that we can provide (taking into account legal, regulatory, and privacy requirements). ASIC is aware this may be an anxious time for investors. If you are experiencing immediate financial hardship, ASIC’s Moneysmart website includes some resources on where to go for help and support.

Contacting the Liquidators

The Liquidators can be contacted using the following email address: fmpe@deloitte.com.au.

General

Who/ What is ASIC?

ASIC is Australia's integrated corporate, markets, financial services and consumer credit regulator.

Our role under the ASIC Act is to:

  • maintain, facilitate and improve the performance of the financial system and entities in it
  • promote confident and informed participation by investors and consumers in the financial system
  • administer the law effectively and with minimal procedural requirements
  • receive, process and store, efficiently and quickly, information we receive
  • make information about companies and other bodies available to the public as soon as practicable
  • take whatever action we can, and which is necessary, to enforce and give effect to the law.