91AV

Financial difficulty

If you are experiencing financial difficulty, you can speak to an independent financial counsellor for free by contacting theÌý on 1800 007 007 (9:30am to 4.30pm in your local Australian time zone, Monday to Friday).

You can also find a financial counselling agencyÌýÌýon ASIC’s Moneysmart website.

Legal advice

You may be able to obtain free independent legal advice from a community legal centre – You can search for your local community legal centre here:Ìý.

Justice Connect may be able to link eligible individuals with firms and barristers that may be able to provide pro bono legal advice. You can visit the Justice Connect webpage here:ÌýÌýfor more information.

Mental health support

If you are experiencing a mental health crisis and want to talk to someone straight away the following services operate 24/7:

Lifeline

• Lifeline Crisis Support – 13 11 14
• They also offer online chat and text crisis services.

Beyond Blue

The Beyond Blue Support Service is available 24/7 for brief counselling. You can call them on 1300 22 4636 or chat to them online.Ìý They also have a variety of other mental health supports you can access.

• Call a counsellor on 1300 22 4636ÌýorÌý.

Aboriginal and Torres Strait Islander people

• Ìý— callÌý13 92 76Ìýto talk to an Aboriginal or Torres Strait Islander Crisis Supporter, 24/7.

For information about non-crisis counselling resources:

• Mental Health Support via your GP
• You can accessÌýmental health supportÌýby visiting your GP and getting a mental health plan:Ìý
• Australian Psychological Society
• This website provides a listing of Registered Psychologists, including areas of specialty and location:Ìý
• Psychologists set their own fees so there may also be a gap between what Medicare will pay and what is charged. Some psychologists do not provide a Medicare rebate so it is best to ask about fees prior to your session
• Services Australia
• This website explains how the Medicare system works in relation to accessing mental health care under the Medicare system:Ìý
• 1800Respect
• If you are experiencing family violence including economic abuse you can contact the National domestic violence service – 1800Respect on 1800 737 732:Ìý.

What is ASIC investigating and how long will it take?

ASIC is investigating numerous individuals and entities connected to First Guardian, including:

• the marketing lead generators
• the financial advisers and the financial firms who held AFS licences that authorised them
• the superannuation trustees that made First Guardian available via platforms
• the auditors and
• the operators of the managed investment 91AV.

Our first priority for Shield and First Guardian has been to preserve any remaining assets of the 91AVs to the extent they are available, so they can be recovered for investors. Our next priority will be holding people and companies to account. We are also actively working with other regulators, government and Treasury on how we can help prevent issues like these.

The investigations in relation to the First Guardian Master Fund and Shield Master Fund are among the most complex and resource-intensive investigations in ASIC’s history. We have had more than 45 court appearances and we expect many more to come. We have executed search warrants with the assistance of the Australian Federal Police, frozen assets, appointed receivers and liquidators, obtained travel restraints against individuals, cancelled financial services licences and banned a number of financial advisers.

Can I withdraw my investment?

Falcon Capital, the entity controlling First Guardian, suspended the processing of applications and withdrawals in May 2024.

No withdrawals can be made now that Falcon Capital is in liquidation.

This is to allow the liquidators to assess the financial position of Falcon Capital and First Guardian and to determine how much money can be recovered for investors.

What has happened to my money?Ìý

Liquidators are in the process of identifying the financial positions of Falcon Capital and First Guardian. This includes understanding the assets available and whether they are able to be recovered for the benefit of investors.

More information, including reports to creditors and investors prepared by the liquidators, are .

When can I expect to receive my money and how much will I receive?

Whether any money is returned depends on available assets, court outcomes and the results of liquidation and any recovery proceedings.

Liquidators have stated that it will take considerable time to determine and realise any recoverable assets for investors. In their latest update, liquidators said there is likely to be a substantial shortfall in recoverable funds but did not provide an estimate on any return for investors.

Further updates will be made available on .

Can ASIC advise on the status of my investment?

Unfortunately, ASIC cannot provide any information, documents or advice specific to your investment.Ìý

If your investment was facilitated through a superannuation platform, you should contact your superannuation trustee for further information about your investment. You can check the table above to find out who your trustee is.

Do I still have my insurance through my superannuation fund?

You should contact your super fund to ask if you have insurance.Ìý If you retained some money in your original super fund, you should also contact them to check.

Under the law, super funds will cancel insurance on inactive super accounts that haven’t received contributions for at least 16 months if the member has not made an election to keep their insurance. In addition, super funds may have their own rules that require the cancellation of insurance on super accounts in other circumstances, such as where balances are too low.

Your super fund will generally contact you if your insurance is about to end. You should make sure your super fund has your current contact details.

If you want to keep your insurance, but your account may be affected by the issues described above, you’ll need to tell your super fund or contribute to that super account.

You may want to keep your insurance if you:

• don't have insurance through another super fund or insurer
• have a particular need for it, for example, you have children or dependants, or work in a high-risk job

If you are unsure about the suitability of your current insurance arrangements, you should seek personal advice from a registered financial adviser. ASIC’s Moneysmart website has information onÌý.

What if I receive (or may be eligible for) Centrelink benefits?

If you or your partner’s income stream from your superannuation has stopped because of the First Guardian collapse or you are over Age Pension age and hold superannuation in an accumulation fund invested in First Guardian, your retirement income may be affected, and you may be eligible for a Centrelink income support payment.

If you or your partner receive a Centrelink income support payment, you may:

• provide an updated superannuation or income stream account balance

If you or your partner do not receive a Centrelink income support payment you may:

• be eligible for a Centrelink income support payment.

Superannuation treatment based on age

If you are the owner of the superannuation and under Age Pension age (67):

• superannuation held in accumulation phase is not assessed in the income and assets tests;
• if you’re getting a superannuation pension, it is assessed as an income stream.

If you are the owner of the superannuation and have reached Age Pension age:

• your current superannuation balance is assessed in the income and assets test;
• a superannuation pension is assessed as an income stream.

Learn more about and from Services Australia.

What you need to provide to Services Australia

If you are updating your details or making a new claim, please supply either:

• a superannuation statement showing your revised balance; or
• an income stream schedule showing your revised balance.

Use the tool to see what payments and services you may be eligible for.

Further information

The Financial Information Service is a free service provided by Services Australia. It can help you understand your financial options and obligations.

Useful links

What should I do if I invested through my Self-Managed Superfund (SMSF)?

If your investment in First Guardian was made through an SMSF you may wish to consider contacting your accountant or seek independent financial advice. ASIC’s Moneysmart website has information onÌý.

AFCA also has important information on its website which outlines who can bring a complaint to AFCA about advice or services provided to a SMSF:Ìý.

Where can I get information regarding the liquidation? Are the liquidators’ reports available to investors?

The liquidators have published a webpage where they are providing updates in respect of Falcon Capital and the First Guardian Master Fund, see: .

AnÌýÌýandÌýÌýwere published on 8 July 2025.

This webpage has links to various updates and answers to frequently asked questions which have been published by FTI Consulting. We have included these links below for ease:Ìý

• Initial Circular to Unitholders - 17 April 2025

Investors can contact the liquidators with any queries by emailingÌýfalcon.investors@fticonsulting.com.

Will we receive priority if the liquidator determines there are funds to be distributed?

We are unable to confirm any particular priority of distributions from the liquidation of First Guardian. The priority of distributions is governed by theÌýCorporations Act 2001 (Cth).

Determining the prioritisation of distributions can be complex. Under law, it is a matter for the liquidators. Liquidators act independently of ASIC.

In theirÌý published on 8 July 2025, the liquidators said that they are considering the extent to which investors in First Guardian may have a claim for losses or damages against Falcon Capital.

27 May 2024 – Falcon suspended withdrawals from First Guardian

On 27 May 2024, Falcon suspended the processing of applications and withdrawals from First Guardian subject to some limited exceptions (). Since that time, the majority of investors have been unable to access their funds.

27 February 2025 – Federal Court made interim asset preservation orders

On 27 February 2025, the Federal Court made interim orders preserving the assets of Falcon, First Guardian and Mr Anderson (25-027MR).Ìý ASIC took this action as it was concerned about the management and operation of First Guardian and the associated risks to investor funds. ASIC alleged that:

• approximately $274 million of First Guardian’s value comes from cash receivables (i.e. money it is owed) but much of that money is overdue and has not been paid;
• more than $23 million of First Guardian’s assets appear to have been paid to entities purportedly providing marketing services which appears contrary to the representations made to investors;
• First Guardian has invested in entities which Mr David Anderson, director of Falcon, had an association with or financial interest in, and Falcon appears to have failed to recognise and manage conflicts of interest;
• at the time of making their investment, investors may have been exposed to asset classes that differed from what was originally disclosed to them;
• investors may have been misled about the security of their investment and likely returns.

February and March 2025Ìý–ÌýFederal Court freezes assets of persons connected to First Guardian

In February 2025 and March 2025, the Federal Court made interim orders freezing assets of persons connected to the First Guardian investigation, including:

• Osama Saad, former director of Aus Super Compare Pty Ltd (in liquidation) and Atlas Marketing Pty Ltd (in liquidation) (25-023MR);
• Ferras Merhi of Venture Egg Financial Services Pty Ltd & United Financial Advice Pty Ltd t/as Venture Egg (Venture Egg) and Financial Services Group Australia Pty Ltd (FSGA) (25-024MR); and
• Rashid Alshakshir, director of Lion & Horn Pty Ltd (in liquidation), Nohap Pty Ltd (in liquidation) and Indigo Group Pty Ltd (in liquidation) (25-043MR).

9 April 2025 – Federal Court appointed Ross Blakeley and Paul Harlond of FTI Consulting as Liquidators of Falcon and ordered wind up of Falcon

On 9 April 2025, the Federal Court appointed Ross Blakeley and Paul Harlond of FTI Consulting as liquidators of Falcon and ordered them to wind up Falcon, First Guardian and related unregistered subsidiary funds (25-055 MR).

Mr Paul Allen of PKF Melbourne, was also appointed as the receiver and manager to the personal property of Mr Anderson. Mr Allen is due to deliver his report to the Federal Court by 8 July 2025 (25-041MR).

7 June 2025 – ASIC cancelled Australian Financial Services (AFS) licence of Financial Services Group Australia Pty Ltd (FSGA)

On 7 June 2025, ASIC cancelled the Australian Financial Services (AFS) licence of Financial Services Group Australia Pty Ltd (FSGA) and permanently banned FSGA’s Responsible Manager (RM) Graham Holmes (25-102MR). Certain authorised representatives of FSGA provided personal financial product advice to consumers to invest in the First Guardian Master Fund. Ferras Merhi was the sole director of FSGA from 10 February 2021 to 30 May 2025. ASIC is investigating Mr Merhi and various entities associated with him, in connection with its investigations concerning Shield and First Guardian.ÌýIf you intend to lodge a complaint with AFCA in relation to advice received from FSGA or its authorised representatives you should do so by 4 June 2026.

26 June 2025 – Federal court made interim travel restraint orders against Falcon directors

On 26 June 2025, the Federal Court made interim travel restraint orders against Falcon Capital Limited directors, Mr David Anderson and Mr Simon Selimaj prohibiting Mr Anderson and Mr Selimaj from leaving Australia until 27 February 2026. The Federal Court also made interim orders freezing the assets of Mr Selimaj (25-117MR).

8 July 2025 – Liquidators published Statutory Report to Creditors, Unit Holders and other stakeholders

On 8 July 2025, the liquidators published a which contains information for unitholders, creditors and other stakeholders. The liquidators also have published an including the progress of the winding up of the funds.

7 August 2025Ìý– Selimaj filed application to set aside travel restraint and asset preservation orders

On 7 August 2025, an application was filed by Mr Selimaj to set aside the travel restraint and asset preservation orders made against him on 26 June 2025.

22 August 2025Ìý– Federal Court made orders dismissing Selimaj’s application to set aside travel restraints and asset preservation orders and appointed receivers

On 22 August 2025, the Federal Court made orders appointing a receiver and manager to the personal property of Mr Selimaj and dismissed Mr Selimaj’s application to set aside the travel restraint and asset preservation orders made on 26 June 2025.

26 August 2025 – ASIC issued civil penalty proceedings against Equity Trustees Superannuation Limited

On 26 August 2025, ASIC commenced civil proceedings against Equity Trustees alleging failures in due diligence concerning the Shield Master Fund (25-176MR). Equity Trustees oversaw the investment of around $160 million of retirement savings into Shield. ASIC alleges Equity Trustees contravened s52 and s54B of the Superannuation Industry (Supervision) Act 1993 (Cth) and s912A of the Corporations Act 2001 (Cth) by failing to:

• exercise the same degree of care, skill and diligence as a prudent superannuation trustee;
• act in the best interests of its members;
• ensure financial services covered by its Australian financial services licence were provided efficiently, honestly and fairly.

Equity Trustees, as trustee for the AMG Superannuation Fund and Super Simplifier, approved the four classes of Shield as investment options on the NQ Super and Super Simplifier platforms.

ASIC is seeking declarations and civil penalties from the Federal Court.Ìý

ASIC also has on ongoing investigation into Equity Trustees in relation to the onboarding and ongoing monitoring of the First Guardian Master Fund.

29 August 2025 – ASIC expands case against Ferras Merhi over First Guardian and Shield superannuation advice

On 29 August 2025, ASIC sought leave to expand the existing Federal Court civil proceedings againstÌýformer financial adviser Ferras Merhi, alleging he engaged in unconscionable conduct, failed to act in clients’ best interests, gave conflicted advice, and issued defective statements of advice while receiving millions in fees (25-184MR). ASIC alleges Mr Merhi used marketing companies to direct clients to his advice businesses, Venture Egg and Financial Services Group Australia (in liquidation). Between 2020 and 2024, clients were advised to invest approximately $296 million into the First Guardian Master Fund and $230 million into the Shield Master Fund.

In return, Mr Merhi’s businesses allegedly received nearly $18 million in upfront advice fees and over $19 million in marketing payments from entities associated with First Guardian.

ASIC’s application to make these allegations is subject to the Court’s approval. If the Court gives approval, ASIC will seek interim injunctions prohibiting Mr Merhi from any involvement in a financial services business, the appointment of a receiver to Merhi’s personal property and provisional liquidators to Venture Egg and United Financial Advice.

27 October 2025 – ASIC secures interim court orders barring Ferras Merhi from financial services activities

ASIC has secured Federal Court interim orders restraining Ferras Merhi from operating within the financial services industry following ASIC’s allegations that Mr Merhi engaged in unconscionable conduct, failed to act in the best interests of clients, gave conflicted advice, and provided defective statements of advice while receiving millions of dollars (25-249MR).

25-027MR - 28 February 2025 – Federal Court freezes assets of First Guardian Master Fund and director David Anderson

ASIC has obtained orders freezing the assets of First Guardian and Mr David Anderson, a director of Falcon (25-027MR).

25-041MR - 17 March 2025 – Update for investors in the First Guardian Master Fund

ASIC has applied to the Federal Court for the appointment of liquidators to Falcon and for orders directing the liquidators to wind up First Guardian. ASIC is also seeking the appointment of a receiver and manager to the personal property of Mr David Anderson (25-041MR).

25-024MR - 27 February 2025 – Federal Court freezes assets of Ferras Merhi, financial adviser

Following an application made by ASIC, the Federal Court has made interim orders freezing certain assets of Melbourne-based financial adviser Ferras Merhi.

Effective 31 May 2025, Mr Merhi and Venture Egg are no longer authorised representatives of Interprac Financial Planning Pty Ltd (25-024MR).

25-023MR - 27 February 2025 – Federal Court freezes assets of Osama Saad, former director of Aus Super Compare and Atlas Marketing

Following an application made by ASIC, the Federal Court has made interim orders freezing certain assets of Osama Saad, former director of Aus Super Compare Pty Ltd (in liquidation) and Atlas Marketing Pty Ltd (in liquidation) (25-023MR).

25-043MR - 18 March 2025 – Federal Court freezes assets of Rashid Alshakshir in connection with ASIC’s investigations into Shield and First Guardian

Following an application made by ASIC, the Federal Court has made orders freezing assets of Rashid Alshakshir, director of Lion & Horn Pty Ltd (in liquidation), Nohap Pty Ltd (in liquidation) and Indigo Group Pty Ltd (in liquidation) (25-043MR).

25-055 MR - 10 April 2025 – Court orders Falcon Capital and the First Guardian Master Fund to be wound up

Following an application made by ASIC, the Federal Court has made orders appointing Ross Blakeley and Paul Harlond of FTI Consulting as liquidators of Falcon and ordered them to wind up Falcon, First Guardian and related unregistered subsidiary funds. The Federal Court also ordered that Mr Paul Allen of PKF Melbourne be appointed as receiver to the property of Mr David Anderson (25-055 MR).

25-102MR - 13 June 2025 - ASIC cancels AFS licence of Financial Services Group Australia and permanently bans its responsible manager

On 7 June 2025, ASIC cancelled the Australian Financial Services (AFS) licence of Financial Services Group Australia Pty Ltd (FSGA) and permanently banned FSGA’s Responsible Manager (RM) Graham Holmes.

Certain authorised representatives of FSGA provided personal financial product advice to consumers who invested the First Guardian Master Fund. Ferras Merhi was the sole director of FSGA from 10 February 2021 to 30 May 2025. ASIC is investigating Mr Merhi and various entities associated with him, in connection with its investigations concerning Shield and First Guardian. If you intend to lodge a complaint with AFCA in relation to advice received from FSGA or its authorised representatives you should do so by 4 June 2026 (25-102MR).

25-117MRÌý-Ìý2 July 2025 – ASIC secures travel restraint and asset freezing orders in connection with its investigation into First Guardian

Following an application made by ASIC, the Federal Court has made interim travel restraint orders against Falcon Capital Limited directors David Anderson and Simon Selimaj, preventing Mr Anderson and Mr Selimaj from leaving Australia until 27 February 2026. The Federal Court also made interim orders freezing the assets of Mr Selimaj until 27 February 2025 (25-117MR).

On 22 August 2025, the Federal Court madeÌýÌýappointing a receiver and manager to the personal property of Mr Selimaj and dismissed Mr Selimaj’s application to set aside the travel restraint and asset preservation orders made on 26 June 2025.

25-176MRÌý-Ìý26 August 2025 – ASIC sues Equity Trustees alleging due diligence failures relating to Shield

ASIC has commenced civil penalty proceedings in the Federal Court against Equity Trustees Superannuation Limited (Equity Trustees), alleging failures in due diligence concerning the Shield Master Fund.

ASIC also has on ongoing investigation into Equity Trustees in relation to the onboarding and ongoing monitoring of the First Guardian Master Fund (25-176MR).

25-184MRÌý-Ìý29 August 2025 – ASIC takes further action against Ferras Merhi over First Guardian and Shield superannuation advice

On 29 August 2025, ASIC sought leave from the Federal Court to expand its existing proceeding against former financial adviser Ferras Merhi to allege he engaged in unconscionable conduct, failed to act in the best interests of clients, gave conflicted advice, and provided defective statements of advice whilst receiving millions of dollars (25-184MR).

25-249MR - 27 October 2025 – ASIC secures interim court orders barring Ferras Merhi from financial services activities

On 27 October 2025, secured Federal Court interim orders restraining Ferras Merhi from operating within the financial services industry following ASIC’s allegations that Mr Merhi engaged in unconscionable conduct, failed to act in the best interests of clients, gave conflicted advice, and provided defective statements of advice while receiving millions of dollars (25-249MR).