APRA has gone to the Federal Court seeking an injunction to restrain businessman Andrew Morton Garrett from engaging in unauthorised banking business and using the word “bank” without a licence. Morton’s businesses include Dynamic Capital Bank, Banque de Capital Dynamique and Banca di Como. APRA alleges that Garrett has been marketing these businesses as banks, despite not having a banking licence. The regulator said Garrett ignored a demand that he stop referring to his businesses as banks. APRA said it did not know how many customers Garrett’s “banks” had. The Dynamic Capital Bank website describes the business as a “private investment and trading bank with a global reach under a banking licence granted by the Crown Attorney General”. Garrett, a bankrupt ex-winemaker, made headlines in 2018 when he faced court over an allegation that he tried to defraud the tax office of A$6 million.