The Australian Securities and Investments Commission (ASIC) has banned former Sequoia Financial Group and Interprac Financial Planning director Gary Peter Crole for his involvement in the provision of advice tied to the Shield and First Guardian master funds.
The corporate watchdog stated it had slapped a 10-year ban on Crole from performing, as a director or responsible manager, any function involved in carrying on a financial services business.
Crole was the former managing director and chief executive of Sequoia from 18 November 2016 to 22 July 2026, and a former director of Interprac from 20 August 2004 to 1 December 2025, and its responsible manager from 1 February 2004 to 17 July 2026.
Interprac is a wholly owned subsidiary of Sequoia and holder of an Australian financial services licence, and the ban relates to Crole’s actions in his roles with that firm.
“Interprac’s former authorised representatives, including Venture Egg and Rhys Reilly Pty Ltd, advised thousands of its clients to invest their superannuation into the First Guardian Master Fund and Shield Master Fund. Both funds have now collapsed, leaving people’s superannuation at risk,” the regulator said.
“ASIC found Mr Crole was aware of serious concerns regarding the representatives’ financial advice model, which included the use of lead generators, and failed to adequately respond to these concerns.
“ASIC also found Mr Crole did not take adequate care in the management and oversight of Interprac’s approved product list, which included First Guardian and Shield.
“ASIC found Mr Crole was not a fit and proper person, was not competent and lacked the diligence and judgment required to perform one or more functions as an officer of an entity carrying on a financial services business.”
The banning order took effect from 4 September 2026 and Crole has the right to apply to the Administrative Review Tribunal for a review of the decision.
The ban continues a series of actions by ASIC against Interprac and Ferras Merhi, director of Venture Egg, in relation to Shield and First Guardian. It has so far secured interim orders restraining Merhi from operating within the financial services industry and banned Rhys Reilly, director of Rhys Reilly Pty Ltd, for 10 years.
Jason Spits
SENIOR JOURNALIST
Jason is a senior journalist with Benchmark Media and writes for the selfmanagedsuper website and magazine and smstrusteenews website. He has covered financial services since 1999 and has written about life insurance, superannuation, investment management and financial advice, in both a freelance and in-house capacity, and also did a brief stint as a media manager for an industry association. He has been the editor of trade titles Money Management and Financial Standard, and was most recently senior journalist with life insurance title Riskinfo.
Articles by Jason