ASIC bans former Sequoia director Garry Crole for 10 years

The Australian Securities and Investments Commission (ASIC) has banned Garry Peter Crole, former managing director and chief executive officer of Sequoia Financial Group Limited, from performing any function involved in carrying on a financial services business as a director or responsible manager for 10 years.

ASIC's action relates to Mr Crole's role as a former director and responsible manager of Interprac Financial Planning Pty Ltd, a wholly owned subsidiary of Sequoia and holder of an Australian financial services licence. 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 of which have collapsed.

ASIC found that Mr Crole was not a fit and proper person, lacked competence, and failed to demonstrate the diligence and judgement required of an officer in a financial services business. The regulator said Mr Crole was aware of serious concerns about the representatives' financial advice model, including the use of lead generators, and did not adequately respond. He also failed to take adequate care in managing and overseeing Interprac's approved product list, which included First Guardian and Shield.

The banning order took effect on 4 September 2026. Mr Crole has the right to seek a review of ASIC's decision through the Administrative Review Tribunal.

Mr Crole served as a director of Interprac from 20 August 2004 to 1 December 2025, as a responsible manager from 1 February 2004 to 17 July 2026, and as a director of Sequoia from 18 November 2016 to 22 July 2026.

ASIC has also commenced separate proceedings against Interprac and Ferras Merhi, director of Venture Egg, in connection with the two funds. In October 2025, ASIC obtained interim orders restraining Merhi from operating in the financial services industry, and it has banned Rhys Reilly, director of Rhys Reilly Pty Ltd, for 10 years.