FMPE investors have a voice in the current legal process involving ASIC vs Gregory Cotton and FMPE.
Monday 2nd March 2026 – Deloitte report was provided to the Judge 20th Feb 2026.
It is currently not available to the public and or investors.
This website was updated mid Feb2026 – there is a video below outlining the updates.
Clarity. Representation. Information.
We are a group of investors seeking clarity through the Federal Court process concerning FMPE and Gregory Cotton.
We do not align with ASIC, the Receivers, or FMPE.
FMPE Investor Working Group is here in 2026 to:
Ensure investors are recognised in the Court process
Access and review Court material
Share publicly available information in a neutral, factual way
Where Things Currently Stand
The Federal Court has appointed Deloitte as investigative receivers (limited scope) to assist the Court in understanding investor funds and business records. Deloitte has provided its report to the Court.
FMPE and Greg Cotton have the opportunity to present further information and any forward plan ahead of the next hearing on 10 April 2026.
No final findings have been made.
The Court process is ongoing.
A Note to Investors
You may each hold different views about FMPE, ASIC, or the Court process, and all perspectives are respected.
You are welcome here regardless of your perspective.
The Working Group remains neutral.
Our role is to provide information — not to advocate for any party.
Publicly available Court Orders and decisions can be accessed via the Federal Court portal using reference VID1053/2025. Instructions are included in the FAQs at the bottom of this website.
A copy of the Court Orders was included in the December email correspondence.
We appreciate the respectful way investors have engaged throughout this process with FMPE Investor Working Group.
Who We Are
We are a working group of FMPE investors who came together in November 2025 to ensure investors had a voice in the Federal Court process.
The group was originally formed by nine investors. Following differing views on communication approach and the importance of maintaining strict neutrality, several members chose to step back.
The Working Group now consists of five members. Approximately 130 investors are included on a distribution list to receive updates, with just over half of those also choosing to be formally listed as participants in the Court to demonstrate the number of investors seeking a voice in the process.
Three nominated Court representatives — Stefan, David and Ferne — speak on behalf of participating investors in Court proceedings, supported by two Working Group members behind the scenes.
While our representatives bring corporate and professional experience, we act solely as individual investors seeking clarity and transparency through the Court process. We are investors acting in our personal capacity.
On behalf of the
FMPE Investor Working Group
Stefan, David and Ferne.
What We Are Not
❌
NOT
Asking for Money
This is a volunteer effort. No fees. No membership costs. Any costs we are incurring is being absorbed by the representatives at this stage.
NOT
Representing all FMPE investors
We can only represent investors who have signed in Nov/Dec2025 to be participants in the Court Process. There are other investors who join to be kept informed, observers.
There are approx 130 investors who have signed up as observers – we keep them informed and just over half of those chose to participate in the Court Process, which primarily was to demonstrate there was a substantive quantum of investors who wished to have a voice represented in Court.
Our Principle
"We want a say in what happens to our money."
This principle guides everything we do. We’re not here to assign blame.
We’re here ensure our voices are heard.
A Court Hearing occured Monday 15th December
The next court hearing is scheduled for 10th April, 2026
The Current Situation
The Court placed a freezing order on FMPE and Greg Cotton’s bank accounts after ASIC requested this protective order. ASIC raised the following matters with the Court:
There was approximately $7 million in FMPE and Greg’s bank accounts available to service investor investments. Since the start of 2020, ASIC identified a shortfall of at least $64 million between funds received from investors (approximately $131 million) and amounts paid to investors (approximately $67 million). ASIC expressed concern about whether FMPE could continue as a going concern.
A significant part of this shortfall appears to be approximately $51 million lost through gambling. Bank records do not show that investor funds received since the start of 2020 were transferred to a financial institution. ASIC raised concerns about the use and possible misuse of investor funds.
ASIC also raised concerns about whether FMPE was required to hold an Australian Financial Services Licence.
The FMPE Investor Working Group Court Representatives reviewed these affidavits and can confirm that this material has been placed before the Court.
These matters have not yet been proven, and the Court process will consider any evidence provided by Greg Cotton and FMPE.
The Court may also appoint an independent party, such as Deloitte, to investigate and verify these matters. [which it consequently did].
The total amount currently owed by FMPE and Greg Cotton to investors is not yet known. The Court is therefore seeking clarity on how much was invested, whether payments made to investors were capital or interest, and what interest rates were agreed. This explains the Court’s interest in FMPE’s financial and business records. Based on information currently before the Court, the amount owed can be conservatively estimated as the $64 million shortfall plus interest agreed to be paid over the past five years.
For more information please refer to Frequently Asked Questions further down this website.
What We Have Said To You - Investors
We have produced three recordings, February 21st 2026, December 22nd 2025 and November 16th 2025.
FEBRUARY 21st, 2026
The website has been updated with refreshed questions and answers and an update of who is the FMPE Investor Working Group in 2026. There is a lot of new information, take your time to review the website and here is an overview from Stefan.
FMPE Investor Working Group – Feb 2026 Updates.
DECEMBER 22nd 2025
A plan english explanation of what has occurred to date and what the Court orders include from 15th December hearing.
FMPE Investor Working Group – Clarity before Conclusions.
November 16th, 2025
An initial webinar, prior to 15th December 2025 Court Hearing, prior to FMPE Investor Working Group court representatives gaining access to Court records, but our message is consistent, non bias perspectives of what is occuring.
FMPE Investor Working Group – Principle, Objectives, Actions
More questions? Feel free to send us an email.
Important Information
CONFIDENTIALITY
When you share information with us, we treat it confidentially. We will only use it for the specific purpose of the court process. We have processes in place so that it is only accessed on a need-to-know basis and all information will be securely deleted once it is no longer required.
If you choose to participate and provide information, please be assured that only aggregated information is presented to the Court, with the exception of the entity contracted with FMPE. For example, we combine individual investment amounts into a total aggregate figure.
All information provided to this working group, you, is private. Please do not forward or share any of our communications outside the investor community. If you believe someone should receive communications, ask them to email info@FMPEInvestor.com.
NO GUARANTEES
We cannot promise or predict the outcome of the court process.
What we can promise is that we are representing investor interests and working hard to achieve the best possible result for everyone involved.
STRENGTH IN NUMBERS
We received a strong response from investors who chose to participate in November and December 2025. This participation was significant in enabling the Working Group to have a voice in the Court. At this stage, no further action is considered necessary from this participant group, as the outcome we set out to achieve has been reached.
Your involvement has helped ensure investors have a clear and united voice
TRANSPARENCY
We are committed to keeping all participants and observers fully informed.
You will receive updates so you always know what is happening and what to expect next.
If you feel like anything is left unanswered, email us at info@FMPEinvestor.com.
Frequently Asked Questions
Is there a short video to help me understand the website updates done Feb 2026?
Yes – scroll up to videos, you will find a short video from Stefan dated Feb2026 that summarises the updates made to website.
How do I access Federal Commonwealth Court Portal and stay informed generally?
Accessing the Commonwealth Courts Portal
Step-by-Step Guide to Finding Case Information
The Federal Commonwealth Court maintains a public portal where you can access court documents, orders, and case information. While it may seem technical at first, following these straightforward steps will give you direct access to all publicly available information related to the FMPE case.
Navigate to the Portal
Click the link to access the Commonwealth Courts Portal:
https://www.comcourts.gov.au/public/esearch
Accept Terms of Use
Review the terms and conditions for accessing court information, then click “Accept” to proceed to the search interface.
Enter the File Number
In the search field, enter the specific file number: VID1053/2025 and click “Search by File Number” to retrieve the case.
Open the Case File
Click on the link for File No. VID1053/2025 to access the complete case information and available documents.
Can I attend Court when Hearings occur?
Yes, but only via video conference, not in person. You can view via video conference. Instructions are available via https://www.fedcourt.gov.au/court-calendar/daily-court-lists/vic. This is published typically the day prior to a Court Hearing, it provides a URL to copy and paste into your web browser to access via video conference and asks individuals to turn off microphone and video.
Will my personal information be kept private?
If you choose to participate, your name will appear on court documents if you actively participate (this is public record). However, your investment details such as the amount will remain confidential the court will only be provided the aggregate of the entire participation group. The name of your legal entity which has a contract with FMPE is listed in court documents.
We assure you, we do not share private contact information with any party.
If a Party approaches us to ask for detailed investor details we go to the individual and ask them to respond to the request.
We take confidentiality and privacy seriously.
Governance 1. Has there been a change in the FMPE Investor Working Group?
Yes, there has been a change.
The original working group was formed in November 2025 by a core team of nine investors, including three nominated as Court representatives (Stefan Hass, David Ngu, and Ferne King), with Pete contributing to investor webinars
We were initially drawn together in response to the freezing of FMPE’s bank accounts, which came as a surprise and appeared unnecessary given the information available at the time. No known payments due to investors had been missed prior to the freezing orders.
Our initial objectives were to establish the right to participate in the proceedings, gain access to court documents, ensure investors had a voice in the Court, and oppose liquidation so that ASIC did not act too early, before investors fully understood what was occurring. We achieved those objectives
In early February 2025, several members of the Working Group stepped back due to differing views on the Group’s commitment to neutrality (non-bias) and its approach to interpreting information for investors. Those members preferred a more active stance in advocating support for FMPE before the Court had received full factual clarity from FMPE and Deloitte.
We respect the varied positions of the investor community. Irrespective of individual views, the FMPE Investor Working Group is firmly committed to remaining neutral and impartial in its representation to investors, relying on the Court directed process for clarity.‑directed process for clarity.
As an investor, you are welcome regardless of your views. The Working Group does not promote individual opinions. Our role is to share what is presented to the Court in an unbiased, neutral and non‑judgemental way, so that you can form your own view.
You may, for example:
- want to remain neutral and simply understand the information before the Court and the outcome it determines;
- be hopeful and supportive that FMPE and Greg Cotton can present a viable business plan that the Court accepts; or
- be sceptical of institutions such as ASIC and the legal process.
All investors are welcome, irrespective of personal view. This is not a group for any single point of view.
The Working Group, as we represent information to you, is not aligned with ASIC, nor with FMPE or Greg Cotton.
Our purpose remains to:
- Protect investor interests
- Ensure participating investors have representation in the Court process
- Keep investors informed
The working group now consists of five members, including the three Court-nominated representatives.
Investor privacy and confidentiality are a top priority for us. We do not collect, share, or discuss any personal investor information without consent, and we continue to uphold strict confidentiality as outlined on this website
Governance 2. Is the FMPE Investor Working Group aligned with ASIC or with FMPE/Greg Cotton?
No—the Working Group is not fixed or firm in its support of / or against either party. We focus on keeping investors informed of what is before the Court.
We seek to remain neutral in our approach and obtain clarity about what is occurring in the court process, communicate that to investors so that they can form their own view. We are respectful of the range of positions that investors may hold.
We rely on the Court process to obtain a better understanding and insight as to what has happened in the past and what the Federal Court will determine to happen in the future. Between now and early April 2026, we look forward to the following:
- Deloitte’s investigative report (due 20 February 2026) for clarity on what the Court asked them to investigate
- Any additional forward-looking proposal and or business plan that FMPE may present to the Court
The ultimate determination of outcomes rests solely with the Federal Court.
Governance 3. Have questions been raised about a conflict of interest?
Yes — a question was raised regarding Ferne King’s historical association with Deloitte, arising from her employment with the firm, which concluded 13 years ago. This matter was reviewed by the Working Group. While Ferne was aware of the two individuals appointed as receivers from her time at Deloitte, she did not work with either of them and has had no personal relationship with them. The Working Group could not identify any financial or personal interest that would give rise to a conflict or that could affect the Working Group’s impartiality or its representation of investor interests.
For clarity, the Working Group has not been involved in, nor had any contact with, the receivers in relation to the preparation of their report.
Court Process: 1 Why did the Court freeze FMPE/Greg’s bank accounts in August?
The Court placed a freezing order on FMPE and Greg Cotton’s bank accounts after ASIC requested this protective order based on concerns arising from an investigation ASIC had regarding FMPE.
ASIC raised the following matters with the Court:
- There was approximately $7 million in FMPE and Greg’s bank accounts available to service investor investments. Since the start of 2020, ASIC identified a shortfall of at least $64 million between funds received from investors (approximately $131 million) and amounts paid to investors (approximately $67 million). ASIC expressed concern about whether FMPE could continue as a going concern.
- A significant part of this shortfall appears to be approximately $51 million lost through gambling. Bank records do not show that investor funds received since the start of 2020 were transferred to a financial institution. ASIC raised concerns about the use and possible misuse of investor funds.
- ASIC also raised concerns about whether FMPE was required to hold an Australian Financial Services Licence.
In support of these matters, ASIC submitted affidavits (sworn statements) summarising its investigation. The Court representatives reviewed these affidavits and can confirm that this material has been placed before the Court. These matters have not yet been proven, and the Court process will consider any evidence provided by Greg Cotton and FMPE. The Court may also appoint an independent party, such as Deloitte, to investigate and verify these matters. [which it consequently did].
The total amount currently owed by FMPE and Greg Cotton to investors is not yet known. The Court is therefore seeking clarity on how much was invested, whether payments made to investors were capital or interest, and what interest rates were agreed. This explains the Court’s interest in FMPE’s financial and business records. Based on information currently before the Court, the amount owed can be conservatively estimated as the $64 million shortfall plus interest agreed to be paid over the past five years.
Court Process 2. What evidence did Greg submit in opposition to ASIC’s affidavits?
Greg was ordered by the court to produce FMPE’s business records such as financial accounts, audit reports, contracts and emails. Greg has not provided all that was requested, as yet.
Greg has made 3 affidavits (sworn statements) to the court with various pieces of information.
He did provide a partial list of clients, including their contact details.
Regarding how the money invested in FMPE was used for actual investments, Greg shared a statement from his ComSec trading account back in August 2016, which showed some trades that made money. See Q&A 12 for further details. He also mentioned that he had made a profit from the development of residential property between 2005 and 2012.
Greg also included a Trading Plan. See Q&A that addresses this.
The judge commented at the hearing on 15 December 2025 that Greg’s evidence did not explain or contradict the matters giving rise to ASIC’s concerns.
Court Process 3. What happened at the Court hearing on 15 December 2025?
On ASIC’s application, the Federal Court:
- Appointed Robert Woods and Salvatore Algeri of Deloitte SRT Pty Ltd as Joint and Several Receivers of Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd (FMPE)
- Limited their role strictly to investigation
- Directed them to report findings to the Court by 20 February 2026
Their appointment is investigative only, they do not manage, operate, or control FMPE’s business
Court Process 4. Why were Deloitte appointed and did FMPE agree?
Given the limited business records and evidence of FMPE’s business operations before the court, an investigation by an independent party was ordered to assist the Court in verifying:
- how much money was received by Greg and FMPE,
- what happened to that money
- what money or other assets is belonging to FMPE and Greg
At the hearing and after the Judge facilitated a discussion with Greg, FMPE’s legal representatives agreed with ASIC on the scope of the powers to be given to the receivers in the court orders.
Court Process 5. What powers does Deloitte have?
As investigative receivers (limited scope), they have been asked to:
- Gather and review records
- Identify assets and liabilities
- Investigate receipt and use of investor funds
- Report to the Court
They do not have powers to:
- Operate or manage FMPE
- Act as directors
- Liquidate assets without further Court approval
Court Process 6. Did the appointment of the receivers take away control of the operations of FMPE?
No, under the Orders dated 15 December 2025, Deloitte do not have the powers to manage the business operations of FMPE: They cannot accept new investment funds, return money to investors or invest the cash in FMPE’s bank accounts or liquidate the business. Any change to the control or management of FMPE would require additional Court Orders.
It is noted that FMPE effectively lost control over its operations August 2025 following the court orders freezing FMPE’s bank accounts and prohibiting FMPE/Greg from taking any new investor funds and paying out money to investors and freezing the bank accounts based on ASIC’s concerns and evidence outlined in a prior Q&A . FMPE can regain control and resume business once those concerns are clarified either by information provided by FMPE and failing that, potentially by the report by the receivers.
Court Material 1: What has been observed in Court material by representatives of the FMPE Investor Working Group?
The non-confidential material in the Court file raises questions which deserve investigation:
- Whether investor funds were deployed to generate income?
- Whether some of those funds were used in gambling?
- Whether money paid by new investors is used to pay existing investors rather than this money coming from business profits generated by FMPE?
- Whether the business activities of FMPE are sustainable or will it soon be unable to repay its investors?
These are questions raised directly from Court documents—they are not final findings or conclusions.
Court Material 2: Is there evidence of Share Trading by FMPE?
Yes – Greg has submitted a statement from a ComSec account for the month of August 2016. The statement shows there was a purchase of 6.3 million dollars of shares and some of the shares were sold before the end of the month. The realised gains and increase in market value of unsold shares amounted 598,000 dollars or 9.4% of the acquisition cost.
ASIC has submitted a summary of its review of FMPE’s accounts with ComSec. The summary shows that between 1 March 2024 and 11 August 2025, FMPE had deposited 37.6 million dollars and withdrawn 38.0 million dollars. The net profit (before tax) generated over the 16 month period was 461,858 dollarswhich is a realised gain of 0.9% p.a.
Court Material 3: Have you seen a forward business plan for FMPE?
Yes – Greg included a trading plan for 2026 and 2027 in a sworn statement he submitted to the court on December 10, 2025. The court hasn’t approved this plan yet and FMPE/Greg have an opportunity to update or provide a new one before the April hearing.
The following sets out a summary of what was provided by Greg in that plan. The Working Group has taken care not to express opinions or reach conclusions, and instead aims only to explain what we have seen from the information placed before the Court.
If you require assistance in understanding what this information means to the viability of FMPE’s continued business or your existing investments, you may wish to discuss it with someone you trust who has financial expertise, or seek advice from your accountant or other professional adviser. You are also welcome to contact the Working Group via email, however we cannot provide you advice.
We recognise that this may be new and complex information. Our intent is simply to present, in an accessible way, what has been provided to the Court to date by Greg and FMPE.
Here’s the basics of that two-year trading plan from Greg (2026 and 2027):
5 million Cash in hand is what Greg states is the starting amount in 2026
10.7 million Additional money from income from profitable share trading in 2026 & 2027
13.5 million Money out due to expenses including $11.4 million as interest to existing loans
16 million Additional monies in as loans or investments from investors (new contracts) in 2027
12 million Money out due to withdrawals and redemptions by investors (existing contracts) in 2027
2.3 million Cash at end of 2026 (not taking debts into account)
6.2 million Cash at the end of 2027 (not taking debts into account)
Taking these figures at face value, what we see in terms of proposed forward business operations is:
- Income doesn’t cover costs.
- New investor funds required if existing investors are to recover funds
- FMPE ends up further in debt :investors end up owed more money
That Is: - The income generated by FMPE (10.7 M$) does not cover its costs (13.5 M$).
- The new investor funds assumed to be received (16 M$) are required to pay out the redemptions assumed to be paid out to investors (12 M$). While the amount of withdrawals and new investor funds are both only assumptions, what is clear is that investors will not recover their money unless new investor money comes in to pay for the withdrawals.
- While FMPE’s starting debt is not known, given that it will take on 16M$ more debt and pay back 12M$ in redemptions, FMPE will be more indebted and owe more money to investors at the end of the period than at the start.
Court Material 4: Why did the Working Group not previously circulate detailed observations?
The Working Group debated whether to distribute detailed interpretations and observations of the Court material in December 2025. Given the timing—immediately before Christmas—there was concern that disclosure at that point may cause distress to some investors and their families. As a result, differing perspectives emerged within the Working Group regarding whether it was appropriate to share this information at that time.
In short, the Working Group was unable to reach alignment on distributing the information at that point.
The Working Group is now, Feb2026, aligned and has agreed to share this information with investors, as set out in prior Questions and Answers.
Investor Guidance 1: What happens next
This stage of the process, leading up to the 10 April 2026 hearing, is focused on the Court gathering information and gaining clarity. No final conclusions have been made. The Working Group continues to monitor the Court process. The next Court hearing is scheduled for 10 April 2026.
What is happening next:
- Public Court material is available on the Federal Court website (see Q&A for instructions to access)
• Deloitte’s investigative report is due to be provided to the Court on 20 February 2026, we do not know when this will become publicly available
• Investors may choose to seek independent legal or financial advice if they have specific concerns or have a need for clarification
Investor Guidance 2: I hear different versions of what has and is occurring; this confuses me.
This Working Group does not participate in or clarify community discussions, rumours, or differing accounts from individuals.
We highlight that the purpose of the Court at this time is to gather information from all sides which it expects to do so until early April 2026 and give those parties the space and time to do so, FMPE included.
The Court has also asked Deloitte to provide an independent view of investigative insights and findings to the Judge to include in discussions and considerations with the parties, FMPE and ASIC.
The Judge will review all the information and evidence submitted in this formal Federal Court setting from each party and then determine the appropriate way forward.
For the most accurate and up-to-date details, refer to the publicly available (non-confidential) court documents linked in our Q&A section or on the Federal Court/ASIC websites.
Can I participate if I'm part of another investor communication group relating to this situation?
Yes, but you must maintain strict confidentiality about the information you provide if you participate.
Is there a cost to participate?
No. Absolutely not. We are not asking for money, membership fees, or any financial contribution. This is a volunteer effort by investors.
How do I know this group is legitimate?
All our court documents are filed with the Federal Court (Case Number VID 1053/2025) and are matters of public record. You can verify our involvement in the court process by going to www.comcourts.gov.au. You register then use the case number VID 1053/2025. (you will see Stefan, David and Ferne listed, although the Courts have misspelt Ferne’s name to Ferna).
Timeline
Contact Us
Email: info@fmpeinvestor.com
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FMPE Investor Working Group
This is an independent volunteer effort by FMPE investors to protect investor interests.
We are not affiliated with legal firms or organisations.
Federal Court : Case Number VID 1053/2025
ASIC v Gregory Raymond Cotton & FMPE Pty Ltd
DISCLAIMER: This digital page provides information only. It is not legal or financial advice.
We encourage all investors to seek independent legal and financial advice before making any decisions.