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  • 7/3/2025
The collapse of the 590-million-dollar investment fund First Guardian has wiped out the superannuation savings of about 6-thousand workers. Its director is being accused in the federal court of using millions of dollars from the fund for personal purposes. Investors have been told it's unlikely they'll see a cent of their retirement savings.

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00:00Juan Carlos Sanchez works hard and puts money away for retirement, but changing superannuation
00:08providers may have cost him his life savings.
00:10They'll talk in numbers of, we'll have you $800,000 in your super by the time you retire,
00:15a million dollars, you know, really crazy things like that.
00:19He was sold a dream by financial advisory firm Venture Egg, whose telemarketers convinced
00:24him to leave ANZ and transfer his super to AusPrac.
00:28The money was then funnelled into a managed investment scheme called First Guardian that
00:32collapsed earlier this year.
00:34He's one of 6,000 investors who stand to lose $590 million between them.
00:40When I got that email my stomach dropped and it's just been wiped out by this collapse.
00:46The federal court has slapped travel restrictions and asset freezes on directors of Falcon Capital,
00:51the trustee behind First Guardian.
00:54According to court documents filed by the corporate watchdog, it's alleged one of the
00:58directors, David Anderson, moved $274 million into offshore companies and allegedly poured
01:05investor cash into his own failed property developments and even his own mortgage.
01:10$45 million was also paid to a network of financial advisors to funnel investors into the scheme.
01:17We think this is on an industrial scale.
01:20Mr Anderson declined to be interviewed, his lawyer telling ABC News he did not wish to
01:25participate in a trial by media and that ASIC's allegations were untested in court.
01:30But the fallout has raised questions about the oversight of high-risk managed investment schemes,
01:36sometimes hosted on reputable superannuation platforms.
01:39Many of them thought that because some of these funds sat on platforms like Macquarie or Equity
01:45Trustees, they thought that gave the funds some kind of legitimacy.
01:50A costly error for many having to rethink their retirement.
01:54$6 million.
01:55Thanks.
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