ASIC has commenced proceedings in the Federal Court seeking the appointment of a receiver to investigate a proposed sale of Interprac Financial Planning Pty Ltd (Interprac) by Sequoia Wealth Group Pty Ltd (Sequoia Wealth), a wholly owned subsidiary of ASX-listed Sequoia Financial Group (Sequoia Financial).
Sequoia Wealth entered into a Share Sale Agreement to sell 100% of its shares in Interprac to Conquest Investment Partners Pty Ltd (Conquest) in March 2026 for $50,000. ASIC is asking the Court to appoint a receiver to examine the circumstances and implications of this transaction.
Scope of the proposed receivership
If appointed by the Court, the receiver will be required to investigate and report on whether the sale of Interprac's shares by Sequoia Wealth to Conquest is bona fide, fair and reasonable. The receiver will also be tasked with reporting on Interprac's financial position and its solvency.
ASIC is bringing the application due to concerns that the intended sale of Interprac may adversely affect the interests of its creditors. These concerns include Interprac's liabilities arising from Australian Financial Complaints Authority (AFCA) complaints in relation to the Shield Master Fund and First Guardian Master Fund.
Creditor and complaint exposure
ASIC's concerns are linked to the possibility that Sequoia may cease to guarantee Interprac's debts upon completion of the sale to Conquest. To date, AFCA has made two lead determinations against Interprac. There are approximately 911 open AFCA complaints against Interprac relating to advice provided by its representatives to invest in the collapsed Shield and First Guardian Master Funds.
The outstanding complaints stem from advice given by Interprac representatives to clients to invest in these funds, which have since collapsed. The outcome of the proposed sale and any change to the guarantee arrangements may affect how these liabilities are met.
Background and prior regulatory action
On 25 May 2022, Sequoia Financial, Sequoia Wealth and Interprac entered into a Deed of Cross Guarantee. Under this deed, each of the group entities guaranteed the debts of the others in the event of a winding up on certain grounds.
In November 2025, ASIC commenced civil penalty proceedings against Interprac. The regulator alleges that Interprac failed to ensure its former authorised representatives, Venture Egg and Rhys Reilly Pty Ltd, complied with best interests obligations and that Interprac failed to have adequate risk management systems.
According to ASIC, these representatives advised around 6,843 clients to invest approximately $677 million of their superannuation into the Shield and First Guardian Master Funds. These investments are central to the AFCA complaints now forming part of ASIC's concerns about the proposed change in ownership of Interprac and the potential impact on creditors.
