https://www.abc.net.au/news/2025-07-10/first-guardian-investors-lose-millions-su...




By Nassim Khadem and Mackenzie Colahan

Topic:Superannuation

Thu 10 Jul



Six thousand Australians who invested hundreds of millions of dollars of their super funds with First Guardian, which collapsed earlier this year, have been told by the fund's liquidator the case will take at least a year to resolve and there may be insufficient funds to pay them back.

Liquidators from FTI Consulting, Ross Blakeley and Paul Harlond, have released their preliminary report into the collapsed fund saying that they "intend to undertake further investigations", including "determining whether any breaches of the Corporations Act or other laws have occurred by any party, including the company's directors".

As ABC News reported last week, thousands of investors were advised to roll their superannuation assets into a retail choice superannuation fund and then to invest part or all of their superannuation into First Guardian.

The fund and its directors are currently under investigation by the corporate watchdog, the Australian Securities and Investments Commission (ASIC).

Many of the investors have told ABC News they fear they will never see a cent of their superannuation.

They nothing but thieves with suits on - unbelievable.

freediver wrote on Jul 16^th, 2025 at 11:48am:



It shows what can happen if you let
other people look after your money  -
they won't take 5% or 10%  - they steal it all  100%.

There needs to be draconian laws to discourage them -
19th century British justice:
The stocks,
The birch,
Hard Labor,
The rope.

Even the good ones "steal" at least 1% per year just for the privilege of holding it in government mandated super.

https://www.abc.net.au/news/2025-07-11/first-guardian-investors-lose-super-shoul...




Up to $446 million of people's superannuation may have been lost by a managed investment scheme, First Guardian Master Trust.

According to the Australian Securities and Investments Commission (ASIC), investments were made into First Guardian by about 6,000 investors through superannuation platforms:


ASIC understands that many of those investors were called by lead generators who used high-pressure sales tactics to allegedly lure them to transfer their super into a choice fund, and then invest in First Guardian.

First Guardian investors to lose super
Photo shows A Lamborghini the company purchased in January 2023 for $548,000.A Lamborghini the company purchased in January 2023 for $548,000.
Six thousand First Guardian investors have been told by the fund's liquidator there may be insufficient funds to pay back the superannuation funds they invested.

Falcon Capital is the responsible entity for First Guardian and is now in liquidation.

Liquidators from FTI Consulting say the case will take at least a year to resolve and that they may never recover a dollar of their superannuation savings.

However, the liquidator has flagged that they would give people who invested "priority" treatment in trying to recover their funds if they paid them a fee.


Here are the common warning signs:

High-pressure sales tactics
Cold calls
The touting of free superannuation "health checks" and prizes (often via social media advertisements or websites)
Offers to find and consolidate "lost super" for free
The involvement of unlicensed people in the advice process
Predominant engagement over the phone with limited client contact with a financial adviser
Poor or no product disclosure
Promises of high or unrealistic returns

freediver wrote on Jul 16^th, 2025 at 1:00pm:


It's the law of the jungle and they get the lion's share - if they can.

If govco wants to make super compulsory, it should guarantee it.

Keystone Asset Management was the responsible entity for the Shield Master Fund.

Mr Chiodo stepped down as a Keystone director on May 27, the same day First Guardian investors were informed of the planned restructure.

An investigation by The Australian found First Guardian investors were directly exposed to Chiodo Corporation through the Chiodo Diversified Property Fund and that advisers at United Global Capital, an advice firm that had its licence cancelled last June and is now in liquidation, recommended First Guardian funds to clients before it was shut down.

UGC’s sole director, Joel James Hewish, was last year slapped with a 10-year ban from providing financial services, in part for creating a culture of noncompliance and incompetence at UGC, according to the corporate regulator.

Following enquiries from The Australian, Falcon Capital only told investors this month it had been waiting close to a year for the proceeds from exiting a property fund run by Mr Chiodo.

ASIC earlier this week secured freezing orders against two Melbourne men — Ferras Mehri of Venture Egg and Osama Saad of Aus Super Compre — in connection with its probe into Shield and other managed investment schemes.

ASIC deputy chair Sara Court told Senate Estimates on Thursday the regulator had several teams investigating schemes linked with Shield.
https://www.theaustralian.com.au/business/court-freezes-assets-of-falcon-capital...

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