The former CEO of Metigy, David 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.
During 2018 to 2021, the Metigy group of companies developed a software product designed to harness advances in artificial intelligence to assist small to medium businesses with digital marketing strategies.
Mr Fairfull provided false information about the revenue and income of the companies to potential investors and used his position as a director to obtain a loan for his own personal benefit.
The statements related to:
- three capital raises between October 2018 and October 2020 which raised approximately $23.4 million from investors
- a secondary share sale in July 2021 in which investors paid approximately $15.68 million for shares
- a planned capital raise of $50 million.
In November 2021, Mr Fairfull dishonestly used his position as a director of one of the Metigy companies to lend $7.7 million from Metigy to finance the purchase of real estate for himself.
Mr Fairfull first appeared in the Downing Centre Local Court on 8 November 2024.
The matter was committed to the Federal Court of Australia on 17 November 2025 for a first case management date.
The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral from ASIC.
Background
Mr Fairfull pleaded guilty to one count of making false and misleading statements contrary to s 1041E(1) of the Corporations Act 2001 and one count of dishonestly using his position as a director to gain an advantage contrary to s 184(2) of the Corporations Act 2001.
