Former Financial Circle director charged

Joshua David Fuoco was charged with three counts of managing a corporation while disqualified and one charge of failing to deliver company records in his possession for Wealth & Risk Management to liquidators. Mr Fuoco was disqualified from managing corporations for two years and six months in 2016 after two of his companies – FP Investment Partners and Equilibrium FS – were wound up.

Mr Fuoco continued to manage a company, Financial Circle, between 2017 and 2018. Financial Circle was previously ordered to pay a $9 million fine, while Wealth & Risk Management was previously ordered to pay $7.5 million in penalties in 2018. Mr Fuoco was ordered to pay an additional $650,000 at the time.

Mr Fuoco was previously banned from providing financial advice from 2010 to 2015.