Former wealth director sentenced over ‘persistent and wilful defiance’ of ban
Former wealth firm director Joshua Fuoco has been convicted of contempt of court, sentenced and permanently banned from being involved in financial services.
Fuoco was formerly a director of advice licensee Wealth and Risk Management, Yes FP, and Jeca Holdings which were found to have contravened financial services laws and engaged in misleading and deceptive conduct and unconscionable conduct.
In 2018, he was prohibited from conducting or being involved in a financial services business for 10 years.
However, on 2 July 2025, the Federal Court sentenced him to 12 months’ imprisonment to be suspended for two years, after finding he deliberately defied the court’s 2018 orders. He was found guilty of all 18 charges of contempt.
In addition to the sentencing, Fuoco will never be allowed to be involved in financial services or credit activities, following an undertaking he gave to the court.
The conviction stemmed from the fact that, despite being banned for 10 years, Fuoco was involved in five financial service businesses which generated over $2.2 million in income.
The companies were:
• State Advice
• Ansa Finance
• AFSL Group
• About Advice
• Advice Now
Justice Horan said Fuoco’s conduct was the “most serious incident of contempt of court in recent years” and that his actions “amounted to a premediated, persistent, and wilful defiance” of the court’s orders, and “constitutes an extremely serious contempt with a clear tendency to interfere with the administration of justice and the authority of the court”.
ASIC deputy chair, Sarah Court, said: “Fuoco continued to run a financial business over a prolonged period in deliberate contempt of Federal Court orders. Today’s judgment demonstrates such brazen and intentional disregard of the law will be strongly punished. ASIC will continue to take action to ensure court orders are complied with.”
AUTHOR
Laura Dew
Recommended for you
As larger Australian Financial Services licensees continue to expand their reach in an increasingly expensive industry to operate, how do smaller firms ensure they stay relevant and efficient?
HUB24 has added almost 600 advisers in the 2025 financial year as the platform capitalises on opportunities presented in wealth management.
Wealth Architects has acquired a Cairns-based advice practice as it seeks to expand its national advice presence.
While the overall gender wage gap has decreased slightly, the Financy Women’s Index reveals the gap has widened for employees in the financial and insurance services sector.
