ASIC bans former Sequoia director Garry Crole for 10 years

The Australian Securities and Investments Commission (ASIC) has issued a 10-year ban against Garry Crole, the former managing director and CEO of Sequoia Financial Group Limited. The ban, effective from 4 September 2026, prohibits Crole from acting as a director, responsible manager, or performing any function involved in carrying on a financial services business.

The regulatory action stems from Crole’s previous roles as a director and responsible manager at Interprac Financial Planning Pty Ltd, a subsidiary of Sequoia. ASIC determined that Crole was not a ‘fit and proper person’ and lacked the necessary competence, diligence, and judgement required for his position.

According to the regulator, Crole failed to adequately respond to serious concerns regarding the financial advice model used by Interprac’s authorised representatives, Venture Egg and Rhys Reilly Pty Ltd. These representatives advised thousands of clients to invest superannuation into the First Guardian Master Fund and Shield Master Fund, both of which have since collapsed, putting retirement savings at risk. ASIC also found that Crole failed to provide adequate oversight of Interprac’s approved product list, which included the collapsed funds. Crole maintains the right to apply for a review of the decision through the Administrative Review Tribunal.