00:00When Mel Wallace learned she could lose her retirement savings, she almost took her own life.
00:08I went to a really dark place because of this and almost did something really stupid.
00:14This was the original SMS application form that...
00:17She was lured in by telemarketers promising high returns
00:21and then convinced by financial advisers to move $370,000 of her savings
00:27from industry fund Host Plus into a self-managed option.
00:32They were very pushy. They were very good salespeople.
00:36Her money was put into a scheme called First Guardian which has since collapsed.
00:41Its directors are being accused by Australia's corporate watchdog of using the cash to buy fast cars,
00:47pay for mortgages on lavish homes and sending it overseas.
00:51The allegations have been filed in court but are yet to be tested.
00:56ASIC now has 25 active investigations into numerous parties linked to First Guardian
01:02and another collapsed fund, Shield.
01:05Both were accessed through well-known superannuation platforms
01:08including Macquarie, Diversa, NetWealth and Equity Trustees.
01:13I absolutely believe the trustees will see that they've made some errors in putting these funds on.
01:20What due diligence was done on those products before they went onto the platform?
01:24The corporate watchdog ASIC is asking the same question.
01:27It's suing equity trustees and has flagged action against others could follow.
01:32The super funds were approached but declined to comment.
01:35We are certainly thinking, exploring every option that we can as to whether and how we can get money back to these investors
01:44who, you know, in our view have been so wronged.
01:47Something Mel would like to see to get her retirement savings back on track.
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