Shipwreck salvage scheme draws ASIC scrutiny over $1.4m raise
ASIC has taken action against a financial advice provider who secured $1.4 million for purported investment in gold salvage from Solomon Islands shipwrecks.
The corporate regulator said it has commenced action in the Federal Court seeking orders to restrain Spice Capital Partners Pty Ltd and its Adelaide-based founder and chief executive Colin Oxlade, from engaging in financial services activity without an AFSL.
ASIC alleges that Spice Capital and Oxlade have carried on an unlicensed financial services business and provided unlicensed financial product advice to investors and potential investors.
During the period February 2024 to January 2025, Spice Capital is alleged to have carried on a financial services business in Australia providing financial product advice in connection with actual and potential investments in the businesses of Spice Global SI and Two Brothers Arms, without holding an AFSL.
The two entities are understood to have raised at least $1.45 million from investors in just six months between February 2024 and July 2024 for purported investments in gold salvage operations from shipwrecks in the Solomon Islands and the refining of high-value mineral sands located on Queensland properties.
In 2017, ASIC banned Oxlade from being a director for four years following the liquidation of two companies of which he was a director.
This enforcement action follows ASIC’s director disqualification proceedings which commenced in June 2025 against David Catsoulis, who was previously a director of Warwick Gold Holdings Pty Ltd and Impact Gold Ltd.
Those companies were placed into liquidation in 2024, having allegedly raised at least $44 million from around 400 shareholders and Oxlade was allegedly one of the persons who fundraised for those companies.
AUTHOR
Laura Dew
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