Other Cases of Public Interest

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Australian Securities and Investments Commission (ASIC) v Gregory Raymond Cotton & Anor

VID1053/2025
Related proceeding: VID361/2026 Gregory Cotton & Anor v Australian Securities and Investments Commission

Status: Open

Statement regarding recent communications from investors

Last updated: 11 June 2026

Current status of the proceeding

A related proceeding, VID361/2026 (the Cotton Proceeding), has been commenced. That proceeding involves the same parties and is being case managed in conjunction with the existing proceeding, being VID1053/2025 (the ASIC Proceeding).

Following the last case management hearing, orders were made in both proceedings on 13 May 2026 setting out a timetable for further steps to be taken by the parties. Pursuant to those orders:

• ASIC has filed an Amended Originating Process in the ASIC Proceeding, which identifies additional claims for relief that ASIC seeks against the defendants.
• ASIC now seeks an order to wind up and appoint liquidators to an alleged unregistered managed investment scheme (the Scheme) and First Mutual Private Equity Pty Ltd (FMPE), pursuant to s 601EE of the Corporations Act 2001 (Cth).
  
  A partially redacted copy of ASIC’s Amended Originating Process dated 15 May 2026 is available to download here: Amended Originating Process (VID1053/2025) - Redacted (PDF, 229 KB)
• The parties have been ordered to confer regarding the preparation of a Statement of Agreed Facts dealing with the new claims for relief in both proceedings.
• In the ASIC Proceeding, revised deadlines have now been set for the filing of affidavit material and written submissions in relation to the application by the Court-appointed Receivers for approval of their remuneration (the Receivers’ Remuneration Application). That application has been referred to a Registrar for determination. Further information about that application is set out below.

The next hearing of these proceedings is listed at 9:30am on 12 June 2026 in Melbourne. This is a case management hearing (not the final hearing of the application to wind up and appoint liquidators to the Scheme). Information about upcoming hearings is available under the General information heading, below.

The Receivers’ Remuneration Application

On 15 December 2025, the Court appointed Receivers to the property of Mr Gregory Raymond Cotton (Mr Cotton) and FMPE (together, the Cotton parties), as the defendants in the ASIC Proceeding. The Receivers’ role included identifying and securing property of the Cotton parties, determining what funds were received, and how those funds were used.

The Receivers reported their findings to the Court on 20 February 2026 (the Receivers’ Report). Information about the Receivers’ Report, including how investors may obtain a copy of it, is set out further below.

The Receivers have applied to the Court for orders approving their remuneration and other costs and expenses incurred in carrying out the receivership and preparing the Receivers’ Report for the period 15 December 2025 to 24 April 2026. The Receivers also seek orders that those amounts (as approved by the Court) be paid out of the property of FMPE and, if that is insufficient, the property of Mr Cotton, in accordance with paragraph 7 of the Court’s orders dated 15 December 2025.

The Receivers’ Remuneration Application has been referred to a Registrar for determination, and has been listed for hearing at 9:30am on 2 July 2026. Pursuant to the orders made on 13 May 2026:

• any party opposing or wishing to be heard in relation to the Receivers’ Remuneration Application must file and serve any affidavit material and written submissions by 4:00pm on 5 June 2026; and
• the Receivers are to file and serve any affidavit material and submissions in reply by 4:00pm on 19 June 2026.

On 5 June 2026, ASIC filed written submissions addressing a number of aspects of the Receivers’ Remuneration Application that ASIC considers unsatisfactory. A copy of ASIC’s submissions dated 5 June 2026 is available to download here: ASIC’s Submissions on Receivers’ Remuneration Application (PDF, 330KB) The Receivers have until 19 June 2026 to file any material in reply.

Participation of investors and communications from investors contending ASIC should bear the costs of the Receivers’ Report

The Court has received communications from persons who provided funds to Mr Cotton and/or FMPE (referred to as Investors), who contend that the costs of preparing the Receivers’ Report should be borne by ASIC.

At the time of the appointment of the Receivers on 15 December 2025, the Court ordered that, subject to any further order, the Receivers’ remuneration and reasonable costs be paid out of the property of FMPE, and if that is insufficient, the property of Mr Cotton.

At the case management hearing on 8 May 2026, the Cotton parties foreshadowed an application to vary those orders so that the Receivers’ remuneration would be paid by ASIC. The Cotton parties have since advised the Court that they no longer intend to pursue that application at this stage.

Accordingly, there is presently no application before the Court to change who is responsible for paying the costs of the Receivers’ remuneration by varying paragraph 7 of the orders dated 15 December 2025.

If any Investor or group of Investors wishes to make any application in the proceedings and/or be heard at the next case management hearing on 12 June 2026, they should file and serve an affidavit setting out:

• who they are;
• whether they represent others (and if so, who they represent);
• what matters they want to raise before the Court; and
• if they want to make an application, whether they seek to be joined as a party to the proceeding.

Requests for access to the Receivers’ Report

Various persons who provided funds to Mr Cotton and/or FMPE have sought access to the Receivers’ Report. The judge in charge of these proceedings has decided that the Receivers’ Report should be made available to such persons, subject to the redaction of certain information to protect the privacy and interests of others.

In making the Receivers’ Report available, the Court notes that the Cotton parties do not agree with some aspects of the Receivers’ Report and that the Court has not made findings about any matters contained in the Receivers’ report.

By receiving or electing to download the Receivers’ report, you acknowledge that you must not provide it to any other person (other than your professional advisers) and must not use it for any purpose other than considering your position in relation to funds you may have provided to Mr Gregory Raymond Cotton and/or First Mutual Private Equity Pty Ltd.

Requests to withdraw from the group of investors represented by the Hass Applicants

The Court received a number of communications from individuals who were named as being part of the group of investors represented by the Hass Applicants (Stefan Hass, David Ngu and Ferne King) in the ASIC Proceeding. The Hass Applicants are not parties, but were given leave to participate and represent the interests of a group of investors.

A number of individuals contacted the Court, stating that they do not wish to participate in the ASIC Proceeding or have the Hass Applicants purport to represent them.

Anyone with concerns about the Hass Applicants claiming to represent them when they do not want to be involved in that way, should contact the Hass Applicants.

General information:

For members of the public wishing to follow this proceeding:

• Hearing dates and times are published on the Victoria Daily Court List. Hearings are listed here if scheduled to be heard today  or the next business day.
• General information about this matter can be found on the Federal Law Search case record. Federal Law Search contains information such as:

- the name of the presiding judicial officer, the parties and their legal representatives.
- future court hearing dates (as known and subject to change)
- links to any Orders or judgments handed down by the Court
- case status.

Al Muderis v Nine Network

NSD917/2022

Status: Open

For members of the public wishing to follow this proceeding:

• This matter will be live streamed on the court's YouTube channel.
• For hearing dates, check the NSW Daily Court List - it will listed here if it is scheduled for hearing today (or the next business day if after 4:30pm).
• For future hearing dates, check the Federal Law Search case record.  Federal Law Search also contains information such as:

- the name of the presiding judicial officer, parties and their legal representatives.
- links to any Orders or judgments handed down by the Court.

Australian Securities Investment Commission (ASIC) v Brite Advisors

WAD13/2024

Status: Open

For members of the public wishing to follow this proceeding:

• This matter will be live streamed on the court's YouTube channel.
• For hearing dates, check the WA Daily Court List - it will listed here if it is scheduled for hearing today (or the next business day if after 4:30pm).
• General information about this matter can be found on the Federal Law Search case record.  Federal Law Search contains information such as:

- the name of the presiding judicial officer
- future court hearing dates (as known and subject to change)
- links to any Orders or judgments handed down by the Court
- case status.

Australian Securities Investment Commission (ASIC) v M101 Nominees Pty Ltd (closed)

VID524/2020

Status: Finalised 19 September 2025

For members of the public wishing to follow this proceeding:

• Hearing dates and times are published on the Victoria Daily Court List.  Hearings are listed here if scheduled to be heard today or the next business day.
• General information about this matter can be found on the Federal Law Search case record.  Federal Law Search contains information such as:

- the name of the presiding judicial officer
- future court hearing dates (as known and subject to change)
- links to any Orders or judgments handed down by the Court
- case status.

Epic Games, Apple and Google proceedings

4 matters are being heard together.

• For hearing dates, check the NSW Daily Court List or the Victoria Daily Court List . Hearings will be listed if scheduled for hearing today or, if after 4:30pm,  the next business day.
• General information about this matter can be found on the Federal Law Search case records:
  • NSD190/2021 (Epic Games Inc v  Google LLC)
  • NSD1236/2020 (Epic Games Inc v  Apple Inc)
  • VID341/2022 (David Anthony v Apple Inc)
  • VID232/2022 (Brett McDonald v Google LLC)

  Federal Law Search contains information such as:

  - the name of the presiding judicial officer
  - future court hearing dates (as known and subject to change)
  - links to any Orders or judgments handed down by the Court
  - case status.

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  McClure v Medibank Private

  Class Action  - VID64/2023

  Status: Open

  For members of the public wishing to follow this proceeding:

  • This matter will be live streamed on the court's YouTube channel.
  • For hearing dates, check the Victoria Daily Court List - it will listed here if it is scheduled for hearing today (or the next business day if after 4:30pm).
  • General information about this matter can be found on the Federal Law Search case record.  Federal Law Search contains information such as:

  - the name of the presiding judicial officer
  - future court hearing dates (as known and subject to change)
  - links to any Orders or judgments handed down by the Court
  - case status.

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  Michael Douglas on behalf of the Kabi Kabi First Nation Traditional Owners Native Title Claim Group v State of Queensland

  QUD20/2019

  For members of the public wishing to follow this proceeding:

  • For hearing dates, check the QLD Daily Court List - it will listed here if it is scheduled for hearing today (or the next business day if after 4:30pm).
  • General information about this matter can be found on the Federal Law Search case record.  Federal Law Search contains information such as:

  - the name of the presiding judicial officer
  - future court hearing dates (as known and subject to change)
  - links to any Orders or judgments handed down by the Court
  - case status.

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  Simon Mallia v Colonial First State Investments Ltd

  Class Action  - VID28/2020

  Status: Open

  For members of the public wishing to follow this proceeding:

  • Opt out notice is on the Class Actions page
  • For hearing dates, check the Victoria Daily Court List - it will listed here if it is scheduled for hearing today (or the next business day if after 4:30pm).
  • General information about this matter can be found on the Federal Law Search case record.  Federal Law Search contains information such as:

  - the name of the presiding judicial officer
  - future court hearing dates (as known and subject to change)
  - links to any Orders or judgments handed down by the Court
  - case status.

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