26-176MR ASIC seeks orders against Royce Capital, Royce (Aust) Real Estate, Louie Kortesis and Paul Chiodo for alleged misconduct | ASIC

https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-176mr-asic-seeks-orders-against-royce-capital-royce-aust-real-estate-louie-kortesis-and-paul-chiodo-for-alleged-misconduct
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2026-08-12 09:37:41 · pthandapani@vixio.com
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ASIC is seeking orders from the Federal Court to restrain Royce Capital Investments Pty Ltd, Royce (Aust) Real Estate Pty Ltd (RARE), Louie Kortesis and Paul Chiodo from advertising, promoting or accepting money in Australia for Royce Global Investments LP (registered in the Cayman Islands), Royce Global Real Estate LP (registered in the Cayman Islands) and Royce Private Investments Fund LP (registered in Delaware, USA).

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TITLE: Australian Securities and Investments Commission Seeks Federal Court Orders Against Royce Capital for Alleged Unlicensed Financial Services BODY: On June 26, 2025, the Australian Securities and Investments Commission (ASIC) announced it is seeking orders from the Federal Court to restrain Royce Capital Investments Pty Ltd, Royce (Aust) Real Estate Pty Ltd (RARE), Louie Kortesis and Paul Chiodo from advertising, promoting or accepting money in Australia for three offshore investment funds: Royce Global Investments LP (registered in the Cayman Islands), Royce Global Real Estate LP (registered in the Cayman Islands) and Royce Private Investments Fund LP (registered in Delaware, USA). ASIC's proposed orders would also restrain these entities and individuals from advertising, promoting or accepting money for financial products generally in Australia. ASIC alleges that in August 2025, Royce Capital raised AUD 1.536 million from five Australian self-managed superannuation fund (SMSF) investors purportedly for investment in one or more of the offshore funds. ASIC alleges that Royce Capital provided financial services without holding an Australian financial services licence and that Mr Kortesis and Mr Chiodo were involved in this unlicensed conduct. Additionally, ASIC alleges that Royce Capital and/or RARE made misleading or deceptive representations in brochures provided to some investors, including representations that investors would receive a guaranteed or fixed return of 13 percent per annum. The action follows ASIC's earlier Federal Court proceedings against Mr Chiodo relating to the Shield Master Fund. ASIC has also issued a consumer alert warning about increasing concerns that people are being enticed to invest retirement savings into complex and risky schemes, particularly through pushy sales tactics urging quick superannuation switches. **Reference:** ASIC Newsroom, Media Release 26-176MR
  • ✓ Scraped:2026-08-12 09:37:41
  • ✓ Created:2026-08-12 09:37:40
  • ✓ By:pthandapani@vixio.com (6)