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  • 4 months ago
The collapse of first guardian and shield investment funds has exposed deep flaws in Australia’s superannuation sector. Thousands of investors are demanding answers over huge losses totaling more than a billion dollars. The corporate watchdog says it didn't miss any red flags and intends to take more action.

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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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