What ASIC is doing
ASIC is taking action in the Federal Court against four parties: Royce Capital Investments Pty Ltd, Royce (Aust) Real Estate Pty Ltd (RARE), Louie Kortesis, and Paul Chiodo.
ASIC is seeking court orders to stop these parties from advertising, promoting, or accepting money for three offshore funds:
- Royce Global Investments LP (Cayman Islands)
- Royce Global Real Estate LP (Cayman Islands)
- Royce Private Investments Fund LP (Delaware, USA)
ASIC is also seeking orders to stop these parties from offering any financial products in Australia.
The allegations
ASIC alleges that in August 2025, Royce Capital raised $1.536 million from five Australian SMSF investors for these offshore funds.
The allegations include:
- The funds were raised without holding an Australian financial services licence.
- Brochures used in the promotion made misleading claims, including a guaranteed or fixed return of 13% per annum.
Paul Chiodo is also separately named in Federal Court proceedings relating to the Shield Master Fund, referenced by ASIC as matter 26-133MR.
Key actions
The following actions are available to those who may be affected:
- If SMSF money has been invested with Royce Capital Investments, Royce (Aust) Real Estate, Louie Kortesis, or Paul Chiodo, contact ASIC directly via asic.gov.au or by calling 1300 300 630.
- Read ASIC's consumer alert about pushy superannuation sales tactics, referenced as 25-120MR, available at asic.gov.au.
- Visit ASIC's Moneysmart campaign page for guidance on protecting superannuation from risky schemes at moneysmart.gov.au.
Where to find more information
The original ASIC media release is available at asic.gov.au.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.