Evolution Capital Faces ASIC Probe After Sydney Police Raid

Evolution Capital, a Sydney-based stockbroker, was raided by the Australian Federal Police (AFP) on August 26 as part of an investigation by the Australian Securities and Investments Commission (ASIC). The inquiry has reportedly focused on trading involving Vection Technologies, while no charges or licence restrictions have been announced.

Evolution Capital Background

Evolution Capital was founded by Stephen Silver in 2016 and operates in corporate finance and institutional sales and trading. Its securities business, Evolution Capital Securities Pty Ltd, holds AFSL 551094, with authorisation covering financial product advice, securities dealing and underwriting for wholesale clients.

The firm's website identifies it as an authorised representative of Evolution Capital Securities. Evolution Capital is therefore different from a typical retail forex broker or MT5 trading platform, with its disclosed activities focused on corporate and institutional services.

ASIC Investigation and Vection Technologies

The AFP searched Evolution Capital's Sydney headquarters and homes linked to Stephen Silver and Mendy Amzalak, its head of trading and institutional sales. Reports linked the investigation to trading in Vection Technologies, an ASX-listed AI and extended-reality software developer, as well as a second unidentified ASX stock.

Public filings show Evolution Capital led a A$3.55 million placement for Vection in April 2025. The firm later participated in another A$21 million capital raising in September 2025 and had also published research covering the company.

Regulatory Status and What Happens Next

The scope of the ASIC investigation has not been disclosed. ASIC, Evolution Capital and the individuals involved have not been accused of wrongdoing in connection with the current investigation, and no charges have been announced.

For investors researching a regulated Australian broker, the case highlights the importance of checking the specific legal entity, licence number and authorised financial services before assessing a firm's services.