ASIC has banned Garry Crole, former managing director and chief executive of Sequoia Financial Group, for 10 years from performing director or responsible manager functions in any financial services business, the regulator said in a statement. The ban came into force on 4 September 2026.
ASIC found that Crole was aware of serious concerns about the financial advice model used by representatives at Interprac, a wholly owned Sequoia subsidiary, including their use of lead generators, and failed to respond adequately. Interprac's former authorised representatives, including Venture Egg and Rhys Reilly Pty Ltd, advised thousands of clients to invest their superannuation into the First Guardian Master Fund and Shield Master Fund. Both funds have collapsed, leaving people's superannuation at risk, according to ASIC's statement.
The regulator also found that Crole did not take adequate care in overseeing Interprac's approved product list, which included the First Guardian and Shield funds. Crole held multiple roles during his tenure, including Interprac director from 20 August 2004 until 1 December 2025, Interprac responsible manager from 1 February 2004 until 17 July 2026, and Sequoia director from 18 November 2016 until 22 July 2026.
ASIC concluded that Crole lacked fitness and propriety, competence, diligence and judgement for officer roles in a financial services business. He may seek a merits review of the decision before the Administrative Review Tribunal.
Meanwhile Sequoia issued a clarification stating that a deed of cross guarantee covering Interprac had not in fact been revoked, after previously indicating it had. ASIC told Sequoia that documents lodged in connection with the deed remain under consideration and have not been accepted for lodgement. Interprac was sold by Sequoia to Bellbird, a company linked to former chief executive Scott Beeton.
Sequoia told the market its earlier statement about the deed's revocation was issued on the understanding that all necessary conditions had been satisfied. Sequoia shares were trading at around 6.5 cents, unchanged, Yahoo Finance reported.
People whose superannuation was placed into First Guardian or Shield on the advice of Interprac's former authorised representatives face losses. ASIC has launched separate proceedings against Interprac and Ferras Merhi, who directed Venture Egg.
Official statements: ASIC
Reporting: Yahoo Finance
Written by Pick & Scroll News from the reporting and documents linked above.
