ASIC has imposed a 10-year ban on former Sequoia chief Garry Crole over failures linked to two collapsed investment funds.
The ban prevents Crole from serving as a director or responsible manager in a financial services business. It took effect on 4 September 2026.
The Australian Securities and Investments Commission’s concerns relate to Crole’s former roles at Interprac Financial Planning.
The firm is a wholly owned subsidiary of Sequoia Financial Group and holds an Australian financial services licence.
Former Interprac authorised representatives Venture Egg and Rhys Reilly Pty Ltd advised thousands of clients to invest their superannuation in the First Guardian Master Fund and Shield Master Fund.
Both funds have since collapsed, putting investors’ retirement savings 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.”
According to the regulator, Crole knew of serious concerns about the representatives’ financial advice model, including their use of lead generators, but failed to respond adequately.
It also concluded that he did not exercise sufficient care when managing and overseeing Interprac’s approved product list, which included First Guardian and Shield.
Crole served as an Interprac director from August 2004 to December 2025 and as a responsible manager from February 2004 to July 2026.
He was also a Sequoia director from November 2016 to July 2026.
He may apply to the Administrative Review Tribunal for a review of ASIC’s decision.
The regulator has separately commenced proceedings against Interprac and Venture Egg director Ferras Merhi over First Guardian and Shield.
It secured interim orders in October 2025 restricting Merhi from operating in the financial services industry.
Rhys Reilly, director of Rhys Reilly Pty Ltd, has also received a decade-long ban.
Featured image: Edited by Fintech News Australia, based on images by vecstock via Magnific and InterPrac
