The Australian Securities and Investments Commission (ASIC) has taken legal action to prevent Spice Capital Partners and its founder CEO Colin Oxlade from engaging in unlicensed financial services activity.
The regulator claimed Spice Capital and Adelaide-based Oxlade have been operating an unlicensed financial services business and have provided financial advice to investors and potential investors without an Australian Financial Services Licence.
Spice Capital is also alleged to have raised at least $1.45m from investors between February 2024 and July 2024 for investments in gold salvage operations from shipwrecks in the Solomon Islands and the refining of high-value mineral sands located on Queensland properties.
The Federal Court will timetable the proceedings.
Oxlade was banned from being a director for four years in 2017 following the liquidation of two companies he was a director of.
This latest action follows the director disqualification proceedings against David Catsoulis that began in June 2025. Catsoulis was previously a director of Warwick Gold Holdings and Impact Gold, which were put into liquidation in 2024, having allegedly raised at least $44m from around 400 shareholders with the help of Oxlade.
