In 2016, Fuoco was previously by ASIC from managing corporations for two years and six months after two companies of which he was a director, FP Investment Parties Pty Ltd and Equilibrium FS Pty Ltd, were wound up.

Following its investigation, ASIC alleged that for over a year, Fuoco was involved in the running of Financial Circle Pty Ltd, a company that provided small loans. 

His involvement included:

- making key decisions on consumer loan arrangements on behalf of Financial Circle;

- giving instructions to other employees and officers of the company, including its directors; and

- dealing with staff, wages and invoices, telemarketing scripts, website content and the sale of client books.

Fuoco, who pleaded guilty, was convicted and fined the sum of AUD6,000.