The Australian Securities and Investments Commission (ASIC) said Monday that it has applied to the Federal Court to appoint liquidators to Falcon Capital Limited, the responsible entity for the First Guardian Master Fund, and to wind up the fund.
ASIC Applies For Appointment of Liquidators to Falcon Capital Limited, First Guardian Master Fund
ASIC is also seeking the appointment of a receiver and manager over the personal property of Falcon director David Anderson.
The move follows a court-ordered asset freeze in February 2025 amid concerns over First Guardian’s management.
Withdrawals from the fund have been suspended since May 2024, with limited exceptions.
ASIC alleges that $274 million of First Guardian’s assets are linked to overdue receivables, while over $23 million was paid to marketing entities in a manner seemingly inconsistent with investor disclosures.
In addition, they claim that investments were made in entities linked to Mr Anderson, raising conflict of interest concerns, investors may have been exposed to undisclosed asset classes and misleading representations may have been made regarding investment security and returns.
ASIC notes that the Federal Court has scheduled a hearing for 9 April 2025.
Meanwhile, the regulator’s investigation is ongoing, with a focus on how investors were referred to First Guardian, including potential misuse of superannuation funds.
Falcon has stated it is working with advisers on an orderly wind-down of First Guardian.
