The Australian Securities and Investments Commission (ASIC) has banned Garry Peter Crole, former director of ASX-listed Sequoia Financial Group and Interprac Financial Planning, from holding director or responsible manager roles in financial services for 10 years, effective 4 September 2026.
ASIC found Mr Crole was not fit and proper to perform these functions, citing his inadequate oversight of Interprac's approved product list. This oversight failure occurred after Interprac's authorised representatives directed approximately A$677 million from 6,843 clients into the First Guardian Master Fund and Shield Master Fund, both of which subsequently collapsed, putting clients' superannuation at risk.
Mr Crole served as a director of Interprac from August 2004 to December 2025, a responsible manager from February 2004 to July 2026, and a director of Sequoia from November 2016 to July 2026. ASIC found he was aware of serious concerns about the financial advice model used by representatives including Venture Egg and Rhys Reilly Pty Ltd but failed to respond adequately.
The banning order follows ASIC's findings that Mr Crole lacked the diligence, competence, and judgment required to oversee a financial services business properly. He retains the right to seek a review of the decision at the Administrative Review Tribunal.
ASIC is also pursuing separate proceedings against Interprac and other involved parties, including Ferras Merhi of Venture Egg and Rhys Reilly, who has also been banned for 10 years.
