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Former Metigy CEO and co-founder David Fairfull has pleaded guilty to giving false information to investors about revenue and income while also using his position as a director to gain an advantage for himself.
The Sydney-based startup, which was founded in 2015 and placed into administration in July 2022, developed software designed to harness advances in artificial intelligence to assist small to medium businesses with digital marketing strategies.
Fairfull first appeared in the Downing Centre Local Court on 8 November 2024 to face charges brought by the Australian Securities and Investments Commission (ASIC).
The alleged offences occurred between 2018 and 2020, during which the company raised about $23.4 million from investors in three separate capital rounds to pursue expansion plans in the US and South-East Asia while also weighing up a potential ASX listing.
The largest raise comprised a $20 million funding round in 2020 led by Cygnet Capital, an early-stage investor in Metigy.
At the time, Metigy revealed it had recorded 300 per cent year-on-year revenue growth and increased its customer base to 26,000 SMEs globally.
Metigy also undertook a secondary share sale in July 2021 in which investors paid about $15.68 million for shares and the company had laid plans for a capital raise of $50 million.
ASIC says that 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.
Fairfull is alleged to have 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 misleading statements relate to the three capital raises that were undertaken by Metigy between October 2018 and October 2020.
In November 2021, Fairfull is also alleged to have 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.
The matter, which is being prosecuted by the Office of the Director of Public Prosecutions, has been committed to the Federal Court of Australia on 17 November 2025 for a first case management date.
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