91AV

Financial difficulty

If you are experiencing financial difficulty, you can speak to an independent financial counsellor for free by contacting the听 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 agency听听on ASIC鈥檚 Moneysmart website.

Legal advice

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

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:听听for 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 鈥� 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.听 They also have a variety of other mental health supports you can access.

• Call a counsellor on 1300 22 4636听or听.

Aboriginal and Torres Strait Islander people

• 听鈥� call听13 92 76听to 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 access听mental health support听by visiting your GP and getting a mental health plan:听
• Australian Psychological Society
• This website provides a listing of Registered Psychologists, including areas of specialty and location:听
• 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:听
• 1800Respect
• If you are experiencing family violence including economic abuse you can contact the National domestic violence service 鈥� 1800Respect on 1800 737 732:听.

What is ASIC investigating and how long will it take?

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

• the marketing lead generators
• the financial advisers and the licensees that authorised them
• the superannuation trustees that made Shield available via platforms
• the research house that rated the funds 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 Shield Master Fund and First Guardian Master Fund are among the most complex and resource-intensive investigations in ASIC鈥檚 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 licenses and banned a number of financial advisers.

Can I withdraw my investment?

Keystone Asset Management, the entity controlling Shield, suspended redemptions in February 2024.

No withdrawals can be made now that Keystone Asset Management is in liquidation.

This is to allow the liquidators and receivers to assess the financial position of Keystone Asset Management and Shield and to determine how much money can be recovered for investors.

What has happened to my money?听

Liquidators are in the process of identifying the financial positions of Keystone Asset Management and Shield. 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 prepared by the liquidators,

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

On 22 November 2024, the liquidators published a听听which provided a preliminary estimate of returns for investors.

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

Further updates will

Is ASIC able to advise on the status of my investment?

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

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.听 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鈥檛 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鈥檒l 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鈥檚 Moneysmart website has information on听.

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

If your investment in Shield was made through an SMSF you may wish to consider contacting your accountant or seek independent financial advice. ASIC鈥檚 Moneysmart website has information on听.

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:听.

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

If you or your partner鈥檚 income stream from your superannuation has stopped because of the Shield collapse or you are over Age Pension age and hold superannuation in an accumulation fund invested in Shield, 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鈥檙e 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

Where can I get information regarding the liquidation? Are the liquidators鈥� reports available to investors?听

The liquidators have published a website where they are providing updates in respect of Keystone Asset Management and Shield, which is available on the .

Investors can contact the liquidators with any queries by emailing听shieldinvestors@alvarezandmarsal.com.

7 February 2024听鈥� ASIC issued interim stop orders preventing new investment into Shield Master Fund

On 7 February 2024, ASIC issued interim stop orders to prevent new investment in the Shield Master Fund due to concerns about four product disclosure statements (PDSs) for Shield. The interim orders stopped KAM from offering, issuing, selling or transferring interests in the Balanced class, Growth class, High Growth class and Conservative class units of Shield. ASIC made the interim orders to protect retail investors from acquiring products under PDSs that may be defective (24-018MR).

18 June 2024 鈥� Federal Court made interim asset preservation orders听

On 18 June 2024, the Federal Court made interim orders preserving the assets of KAM to help protect investor funds while an investigation is continuing (24-129MR).听ASIC has taken a range of Court actions in respect of KAM and in seeking orders from the Court, ASIC alleged that:

• KAM is the trustee of the Advantage Diversified Property Fund (ADPF), a wholesale property fund into which a large proportion of Shield鈥檚 funds have been invested
• the ADPF has made loans to various companies associated with Paul Chiodo (former director of KAM) to fund property development projects in Fiji, Italy, Port Douglas, and Melbourne
• substantial sums appear to have been spent on property developments without written contracts and in the case of the Port Douglas development, without the requisite development approvals to proceed
• there is a substantial shortfall when comparing the monies invested in the ADPF against the value of the assets of the ADPF, and
• investor funds may have been misapplied.

26 June 2024听鈥� Federal Court appoints Deloitte to verify payments made from the Shield Master Fund

On 26 June 2024, Mr Tracy and Ms Palaghia of Deloitte were appointed by the Federal Court to take control of Shield鈥檚 bank accounts and provide a report on its financial position (24-137MR).

27 August 2024听鈥� Federal Court appointed Mr Tracy and Ms Palaghia of Deloitte as receivers and managers of KAM

On 27 August 2024, the Federal Court made orders appointing Mr Tracy and Ms Palaghia of Deloitte as receivers and managers of the property of KAM. The receivers are required to:

• secure property held by KAM in its capacity as responsible entity of Shield and trustee of certain other funds
• investigate how Shield investor money was used by KAM, and
• recover assets for investors where possible.

When handing down his reasons in relation to the appointment of receivers (), Justice Moshinsky stated:

鈥淭he extent of Keystone鈥檚 mismanagement confirms that there is a need to protect the interests of investors from what appear to be conflicts of interest and breaches of trusts鈥�On the basis of the material before the Court, I do not have confidence that the SMF [Shield Master Fund] and ADPF [Advantage Diversified Property Fund] are being managed in the best interests of investors, or that Keystone is capable of providing such management鈥�there are real doubts about the status and value of investments in the SMF and ADPF.鈥�

28 August 2024 鈥� KAM appointed KordaMentha as voluntary administrators of KAM

On 28 August 2024, KAM鈥檚 directors appointed Scott Langdon, John Mouawad and Michael Korda of KordaMentha as voluntary administrators of KAM.

5 September 2024听鈥� Federal Court appointed Mr Tracy and Ms Palaghia of Deloitte as voluntary administrators of KAM

On 5 September 2024, the Federal Court made orders removing Scott Langdon, Michael Korda and John Mouawad of KordaMentha as voluntary administrators and appointed Mr Tracy and Ms Palaghia of Deloitte as voluntary administrators in addition to their role as receivers (24-197MR).

18 October 2024听鈥� ASIC cancelled Australian financial services licence of Next Generation Advice Pty Ltd (in Liquidation)

On 18 October 2024, ASIC cancelled the Australian financial services (AFS) licence of Next Generation Advice Pty Ltd (in Liquidation) (Next Gen). If you intend to lodge a complaint with AFCA in relation to advice received from Next Gen, you should do so by 17 October 2025.

22 November 2024听鈥� Liquidators published Significant Event Notice estimating returns for unitholders

On 22 November 2024, the liquidators published a which provided a preliminary estimate of returns for unitholders. The receivers have commenced legal proceedings on behalf of KAM and have frozen further monies: for further detail see .

2 December 2024 鈥� creditors wound up KAM

On 2 December 2024, creditors voted to wind up KAM. Jason Tracy and Glen Kanevsky of Deloitte were appointed joint and several liquidators (24-265MR).

February and March 2025听鈥� Federal Court freezes assets of persons connected to Shield

In February 2025 and March 2025, the Federal Court made interim orders freezing assets of persons connected to the Shield 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).

10 April 2025听鈥� Liquidators notified unit-holders of the termination of the Shield Master Fund

On 10 April 2025, the liquidators notified unitholders of the termination of the Shield Master Fund. A copy of the notice is available on the Liquidators鈥� website at: .

7 June 2025听鈥� ASIC cancelled Australian financial services licence of Financial Services Group Australia Pty Ltd

On 7 June 2025, ASIC cancelled the Australian Financial Services (AFS) licence of Financial Services Group Australia Pty Ltd (FSGA) and permanently banned FSGA鈥檚 Responsible Manager (RM) Graham Holmes (25-102MR). Certain authorised representatives of FSGA provided personal financial product advice to consumers to invest in the Shield 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.

17 June 2025听鈥� ASIC banned former financial adviser Isaac Jacob McQueen

On 17 June 2025, ASIC banned Queensland based former financial adviser Isaac Jacob McQueen, an authorised representative of MWL Financial Services Pty Ltd (Administrators Appointed) from 31 October 2022 to 9 June 2023, from providing financial services or controlling an entity that carries on a financial business, for 4 years (25-127MR).

3 July 2025听鈥� ASIC banned former financial adviser Matthew Simon Bradley

On 3 July 2025, ASIC banned Matthew Simon Bradley, a Sydney based financial adviser, and authorised representative of MWL Financial Services Pty Ltd (Administrators Appointed) from 11 October 2017 to 27 December 2021 and from 28 March 2022, from providing financial services or controlling an entity that carries on a financial business, for 8 years (25-128MR).

18 July 2025听鈥� ASIC banned former financial advisers Rocco D鈥橝melio and Robert Crossing

On 18 July 2025, ASIC banned former MWL Financial Services (Administrators Appointed) advisers, Rocco D鈥橝melio, for 7 years and Robert Crossing for 6 years, from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business ().

25 July 2025 鈥� ASIC banned Melbourne-based financial adviser Wade Lance Spooner, of MWL Financial Services Pty Ltd (Administrators Appointed)

ASIC has banned Melbourne-based financial adviser Wade Lance Spooner, of MWL Financial Services Pty Ltd (Administrators Appointed), from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for 8 years (25-243MR).

15 August 2025 鈥� the Receivers issued a Notice to Creditors

On 15 August 2025, the Receivers issued a to Creditors advising that they have identified assets which may be distributed to qualifying unit holders of Shield, from property held by KAM in its capacity as responsible entity of Shield.

The Receivers intend to apply to the Court for authorisation to proceed with an interim distribution to qualifying unit holders. To facilitate this process, the Receivers are requesting that all creditors of KAM complete a formal proof of debt claim form and submit all supporting documentation by Friday, 5 September 2025.

This information will assist the Receivers in:

• determining the amount of Shield property to be set aside and retained to pay entitled creditors, and
• supporting the Receiver鈥檚 court application for interim payments to qualifying unit holders.

25 August 2025 鈥� ASIC cancelled the Australian financial services licence of MWL Financial Services Pty Ltd听(Administrators Appointed)听and banned MWL鈥檚 director Nicholas Maikousis

On 25 August 2025, ASIC cancelled the Australian Financial Services (AFS) licence of MWL Financial Services Pty Ltd (Administrators Appointed) and banned its director, Nicholas Maikousis, for 10 years for multiple compliance failures. ASIC found MWL operated a 鈥渓ow cost advice project鈥� from 2021, using telemarketing referrals to recommend superannuation investments in Shield. Between September 2021 and February 2024, over 750 clients invested approximately $155 million. From 25 September 2025, Mr Maikousis is also banned from controlling or performing any function in a financial services business (25-181MR).

25 August 2025 鈥� ASIC banned compliance manager Robert John Tohill of MWL Financial Services (Administrators Appointed)

ASIC has banned Robert John Tohill, responsible manager and compliance manager of MWL Financial Services Pty Ltd (Administrators Appointed) (MWL), for 5 years from providing any financial services, performing, as an officer, responsible manager or compliance manager, any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business. ASIC鈥檚 findings against Mr Tohill included that he failed in his gatekeeper functions as compliance manager and responsible manager (25-180MR).听

25 August 2025 - ASIC banned former UGC and MWL financial adviser Jovan Videkanic

ASIC has banned Melbourne-based financial adviser Jovan Videkanic from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for 7 years.

ASIC found that Mr Videkanic gave inappropriate advice to certain clients which was not in their best interests between July 2020 and February 2024, to invest a significant portion of their retirement savings into the Global Capital Property Fund and Shield Master Fund, both high risk investments.

ASIC also found that Mr Videkanic鈥檚 statements of advice to certain clients contained false and misleading statements (25-245MR)

26 August 2025听鈥� 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).听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, civil penalties and compensation from Equity Trustees for losses resulting from the alleged failures by Equity Trustees in making the Shield Master Fund available on its superannuation platforms.

29 August 2025 鈥� 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 against听former financial adviser Ferras Merhi, alleging he engaged in unconscionable conduct, failed to act in clients鈥� 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鈥檚 businesses allegedly received nearly $18 million in upfront advice fees and over $19 million in marketing payments from entities associated with First Guardian.

ASIC鈥檚 application to make these allegations is subject to the Court鈥檚 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鈥檚 personal property and provisional liquidators to Venture Egg and United Financial Advice.

24 September 2025 鈥� Macquarie admits to Shield contraventions and commits to pay affected members

On 24 September 2025, ASIC commenced proceedings in the Federal Court against Macquarie Investment Management Ltd (MIML) following admissions that it failed to act efficiently, honestly and fairly by not placing Shield on a watch list for heightened monitoring (25-215MR).

As part of a court-enforceable undertaking accepted by ASIC, Macquarie will return 100% of the amounts invested in Shield to affected members less any amounts withdrawn.

As superannuation trustee, MIML oversaw approximately $321 million in super investments into Shield by around 3,000 of its members between 2022 and 2023.听

Macquarie has admitted the allegations in the proceeding. It is a matter for the Court to determine whether the declarations are appropriate.

27 October 2025 鈥� 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鈥檚 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).

24-018MR - 7 February 2024 鈥� ASIC halts offers of Shield Master Fund

ASIC has made interim stop orders on four product disclosure statements (PDSs) for classes of units of the Shield Master Fund (ARSN 650112057) (Fund), a registered managed fund promoted by KAM (24-018MR).

24-129MR 18 June 2024 鈥� Federal Court freezes assets of Shield Master Fund

ASIC has obtained interim orders from the Federal Court freezing the assets of the Shield Master Fund (Shield), a registered managed fund whose responsible entity is KAM (24-129MR).

24-137MR - 26 June 2024 鈥� Court appoints independent party to verify payments made from the Shield Master Fund

The Federal Court has appointed Jason Tracy and Lucica Palaghia of Deloitte to have full control of the bank accounts of the Shield Master Fund (Shield) (24-137MR).

24-197MR - 27 August 2024 鈥� Court appoints receivers and managers to the property of KAM and on 5 September 2024 鈥� Court appoints voluntary administrators to KAM

On 27 August 2024, the Federal Court appointed Jason Tracy and Lucica Palaghia of Deloitte as receivers of the property of KAM.

On 5 September 2024, the Federal Court made orders appointing Mr Tracy and Ms Palaghia of Deloitte as voluntary administrators in addition to their role as receivers () (24-197MR).

24-265MR - 3 December 2024 鈥� Update for investors in the Shield Master Fund

ASIC notes the outcome of the second creditors鈥� meeting of KAM on 2 December 2024 at which creditors resolved to wind up KAM and appoint Jason Tracy and Glen Kanevsky of Deloitte as joint and several liquidators (24-265MR).

25-024MR - 27 February 2025 鈥� Federal Court freezes assets of financial adviser of Venture Egg and FSGA

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 鈥� Federal Court freezes assets of 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 鈥� Federal Court freezes assets of Rashid Alshakshir in connection with ASIC鈥檚 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).

25-102MR - 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鈥檚 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).

25-127MR - 9 July 2025 鈥� ASIC bans former MWL financial adviser Isaac McQueen for 4 years

On 17 June 2025, ASIC banned Queensland based former financial adviser Isaac Jacob McQueen, an authorised representative of MWL Financial Services Pty Ltd (Administrators Appointed), from providing financial services or controlling an entity that carries on a financial business for 4 years (25-127MR).

25-128MR - 9 July 2025 - ASIC bans MWL financial adviser Matthew Bradley for 8 years

On 3 July 2025, ASIC banned Matthew Simon Bradley, a Sydney based financial adviser, and authorised representative of MWL Financial Services Pty Ltd (Administrators Appointed), from providing financial services or controlling an entity that carries on a financial services business for 8 years (25-128MR).

25-146MR - 24 July 2025 - ASIC bans a further two financial advisers of MWL Financial Services

On 18 July 2025, ASIC has banned the following former financial advisers of MWL Financial Services Pty Ltd (Administrators Appointed) from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business:

• Rocco D鈥橝melio for 7 years from 18 July 2025, and
• Robert Crossing for 6 years from 18 July 2025 (25-146MR).

25-176MR - 26 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 (25-176MR).

25-180MR - 27 August 2025 - ASIC bans compliance manager Robert John Tohill of MWL Financial Services (Administrators Appointed)

On 25 August 2025, ASIC banned Robert John Tohill for a period of 5 years from providing any financial services, performing, as an officer, responsible manager or compliance manager, any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business (25-180MR).

25-181MR - 28 August 2025 - ASIC cancels AFS licence of MWL Financial Services (Administrators Appointed) and bans MWL鈥檚 director

On 25 August 2025, ASIC cancelled the Australian Financial Services licence of MWL Financial Services Pty Ltd (Administrators Appointed) (MWL) and banned MWL鈥檚 director Nicholas Maikousis for 10 years from providing financial services or controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business over conduct in relation to Shield.

ASIC found MWL operated what it called a 鈥渓ow cost advice project鈥� from 2021 to receive referrals from telemarketers/lead generators and to recommend clients invest their superannuation in Shield.

If you intend to lodge a complaint with AFCA in relation to advice received from MWL or its authorised representatives you should do so by鈥�25 August 2026 (25-181MR).

25-184MR - 29 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).

25-215MR - 25 September 2025 - Macquarie admits to Shield contraventions and commits to pay affected members

Macquarie Investment Management Ltd (MIML) has committed to paying thousands of Australians who invested hundreds of millions in retirement savings in the Shield Master Fund (Shield) and has admitted it contravened the Corporations Act (25-215MR).

25-243MR - 21 October 2025 - ASIC bans MWL financial adviser and investment committee member Wade Spooner for 8 years

ASIC has banned Melbourne-based financial adviser Wade Lance Spooner, of MWL Financial Services Pty Ltd (Administrators Appointed) (MWL), from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for 8 years (25-243MR).

ASIC found that Mr Spooner gave inappropriate advice to certain clients which was not in their best interests, as he recommended clients invest most of their superannuation into the High Growth class and the Growth class of the Shield Master Fund which were high risk investments. ASIC also found that Mr Spooner, who was a member of MWL鈥檚 investment committee, provided statements of advice to certain clients that contained false and misleading statements.

25-245MR - 23 October 2025 - ASIC bans former UGC and MWL financial adviser Jovan Videkanic for 7 years

ASIC has banned Melbourne-based financial adviser Jovan Videkanic from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for 7 years.

ASIC found that Mr Videkanic gave inappropriate advice to certain clients which was not in their best interests between July 2020 and February 2024, to invest a significant portion of their retirement savings into the Global Capital Property Fund and Shield Master Fund, both high risk investments.

ASIC also found that Mr Videkanic鈥檚 statements of advice to certain clients contained false and misleading statements (25-245MR).

25-249MR - 27 October 2025 鈥� 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鈥檚 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).