ASIC has banned former Sequoia Financial Group Limited (Sequoia) managing director and chief executive officer Garry Peter Crole for 10 years from performing, as a director or responsible manager, any function involved in carrying on a financial services business.

ASIC’s concerns related to Mr Crole’s role as a former director and former responsible manager of Interprac Financial Planning Pty Ltd (Interprac), a wholly owned subsidiary of Sequoia and holder of an Australian financial services licence.

Interprac’s former authorised representatives, including Venture Egg (a corporate partnership) and Rhys Reilly Pty Ltd (the Representatives), advised thousands of its clients to invest their superannuation into the First Guardian Master Fund (First Guardian) and Shield Master Fund (Shield). Both funds have now collapsed, leaving people’s superannuation at risk.

ASIC found that Mr Crole was not a fit and proper person, was not competent, and lacked the diligence and judgement required to perform one or more functions as an officer of an entity carrying on a financial services business.

ASIC found that Mr Crole was aware of serious concerns regarding the Representatives’ financial advice model, which included the use of lead generators, and failed to adequately respond to these concerns.

ASIC also found that Mr Crole did not take adequate care in the management and oversight of Interprac’s approved product list, which included First Guardian and Shield.

The banning order took effect from 4 September 2026.

Mr Crole has the right to apply to the Administrative Review Tribunal for a review of ASIC’s decision.

Background

Mr Crole was a director of Interprac from 20 August 2004 to 1 December 2025, a responsible manager of Interprac from 1 February 2004 to 17 July 2026 and a director of Sequoia (an ASX-listed entity) from 18 November 2016 to 22 July 2026.

ASIC has commenced separate proceedings against Interprac and Ferras Merhi (director of Venture Egg) in relation to First Guardian and Shield, see (25-274MR) and (25-184MR). In October 2025, ASIC secured interim orders restraining Ferras Merhi from operating within the financial services industry (25-249MR). ASIC has also banned Rhys Reilly (director of Rhys Reilly Pty Ltd) for a period of 10 years (26-073MR).