Former Melbourne director faces prison for allegedly breaching 10-year ban
ASIC has filed a contempt of court application in the Federal Court against a Melbourne director for allegedly carrying on five financial services businesses despite being banned for 10 years.
In 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. He was also ordered to penalties of $650,000 and $50,000 in costs.
His businesses at the time – Wealth and Risk Management, Yes FP and Jeca Holdings - were also ordered to pay a penalty of $7.1 million for breaches of best interest obligations and consumer protection laws.
The Court found that the three companies ran a business model meant that all three engaged in unconscionable conduct. The businesses:
- Advertised ‘fast cash’ to consumers seeking loans who had poor credit ratings
- Made consumers receive and implement financial advice to switch their superannuation and take out ‘high end’ insurance
- Charged advice fees that were paid out of consumers’ super funds
- Received upfront and trailing insurance commissions, and
- Used the upfront insurance commission to provide a ‘cash rebate’ to clients.
However, ASIC now alleges that he was involved in five companies between March 2019 and April 2023 in contravention of those orders.
These were:
- State Advice Pty
- Ansa Finance Pty
- AFSL Group Pty
- About Advice Pty
- Advice Now Pty.
As a result, ASIC is now seeking orders against Fuoco for contempt of court and if found liable, the Federal Court can impose penalties which may include a fine, asset sequestration or imprisonment.
He had previously been banned by ASIC for five years between January 2010 and January 2015 for engaging in dishonest and deceptive conduct between 2005 and 2008. He was also subsequently disqualified from managing corporations for two and half years from May 2016.
The matter has not yet been listed for first appearance in the Federal Court.
AUTHOR
Laura Dew
Recommended for you
For the 2025 financial year, all but one listed advice licensee has reported double-digit share price growth – but which licensee has seen the best performance and what activities have they enacted during the period?
Evidentia Group has confirmed its new executive leadership structure, having been formed from the merger between Evidentia and Lonsec Investment Solutions, to shape the future of managed accounts.
CC Capital, the last remaining player in the bid to acquire Insignia Financial, is still yet to finalise its offer, the firm has informed the market.
The top-performing investment platforms of 2025 have been revealed in the latest Money Management Advice Tech Review Survey by Agile Market Intelligence.
