Federal Court extends asset freeze in ASIC gambling-funds investigation
Australia’s Federal Court extended asset preservation orders against First Mutual Private Equity and director Gregory Cotton on 10 September, according to the report. ASIC suspects that a significant proportion of about A$53m received between March 2024 and July 2025 for potential investment purposes was used for gambling; the allegations remain under investigation.
The orders restrict the defendants’ access to funds while ASIC investigates suspected gambling-related use of investor money.