Crole banned for 10 years after abrupt exit from Sequoia

ASIC has banned former Sequoia Financial Group managing director and chief executive Garry Crole for 10 years, following the events that unfolded under his leadership.

Crole was a director of InterPrac Financial Planning from 20 August 2004 to 1 December 2025.

From1 February 2004 to 17 July 2026, he was a responsible manager of InterPrac and a director of Sequoia from 18 November 2016 to 22 July 2026.

He departed the company abruptly in July, stating that the decision was made "in the best interests of the company and its stakeholders." He remains a substantial shareholder in Sequoia.

Under his guidance, InterPrac's former authorised representatives, such as Venture Egg and Rhys Reilly advised "thousands" of clients to invest their super into the First Guardian and Shield master funds. Both funds have now collapsed, with over $1.2 billion, and counting, of retirement funds that was put at risk.

ASIC has since commenced legal proceedings against InterPrac over its failures to act in clients' best interests for recommending those products.

ASIC found that Crole "was aware" of serious concerns regarding the representatives' financial advice model but failed to adequately respond to them.

"Crole was not a fit and proper person, was not competent, and lacked the diligence and judgement required to perform one or more functions as an officer of an entity carrying on a financial services business," ASIC said.

"Crole did not take adequate care in the management and oversight of InterPrac's approved product list, which included First Guardian and Shield."

As a result, Crole was banned from performing as a director or responsible manager, or any function involved in carrying on a financial services business for 10 years, effective September 4.

Crole has the right to apply to the Administrative Review Tribunal for a review of the decision.

Following these events, Sequoia attempted to offload the business in question for $50,000 to Conquest Investment Partners earlier this year but was ultimately called off to accommodate ASIC's condition for withdrawing its legal proceedings regarding the questionable transaction.

However, Sequoia remains open to selling InterPrac, recently appointing an independent adviser to explore a potential sale process.