Fairfull has pleaded guilty to one count of making false and misleading statements and one count of dishonestly using his position as a director to gain an advantage, contrary to the Corporations Act 2001, according to the ASIC.
Metigy, which operated from 2018 to 2021, developed software designed to harness advances in artificial intelligence (AI) to support small and medium businesses with digital marketing strategies.
ASIC alleged that Fairfull provided false information about company revenue and income to potential investors and used his position to obtain a loan for his personal benefit.
The regulator confirmed the conduct related to three capital raises between October 2018 and October 2020 that raised approximately $23.4 million from investors, a secondary share sale in July 2021 in which investors paid approximately $15.68 million for shares, and a planned capital raise of $50 million.
In November 2021, Fairfull is alleged to have dishonestly used his position as a director to lend $7.7 million from Metigy to finance a real estate purchase for himself.
Fairfull first appeared in the Downing Centre Local Court on 8 November 2024 where the matter was committed to the Federal Court of Australia on 17 November 2025 for a first case management date.
The prosecution is being brought by the Commonwealth Director of Public Prosecutions following a referral from ASIC.
