Australian Securities & Investments Commission (ASIC) Files for Court Order to Appoint Liquidators to Wind Up Falcon Capital (First Guardian Master Fund) & to Manage Personal Assets of Falcon Capital Director David Anderson and to Freeze Assets of Rashid Alshakshir, $173 Million (AUD 274 Million) of First Guardian Payment to Investors are Late, AUD 23 Million of First Guardian Assets Paid to Marketing Services Entities Contrary to Representations Made to Investors, First Guardian Invested in Entities Which are Related to David Anderson, Investors Misled About Security of Investment,Returns & Non-Authorized Securities
19th March 2025 | Hong Kong
The Australian Securities & Investments Commission (ASIC) has filed for a court order to appoint liquidators to wind up Falcon Capital (First Guardian Master Fund) & to manage personal asset of Falcon Capital Director David Anderson, and to freeze assets of Rashid Alshakshir. $173 million (AUD 274 million) of First Guardian payment to investors are late. AUD 23 million of First Guardian Assets were paid to marketing services entities contrary to representations made to investors. First Guardian had also invested in entities which are related to David Anderson. Investors had also been misled about the security of investment, returns & non-authorized securities. ASIC (17/3/25): “ASIC has applied to the Federal Court for the appointment of liquidators to Falcon Capital Limited (Falcon), the responsible entity for the First Guardian Master Fund (First Guardian), and for orders directing the liquidators to wind up First Guardian. ASIC is also seeking the appointment of a receiver and manager to the personal property of one of Falcon’s directors, David Anderson. This action follows previous action that ASIC took in February 2025 to help protect investor funds while an investigation is continuing. On 24 February 2025, the Federal Court made orders freezing the assets of Falcon, First Guardian and Mr Anderson (25-027MR). ASIC is concerned about the management and operation of First Guardian and the associated risks to investors. Withdrawals from First Guardian have been suspended with limited exceptions since May 2024. ASIC has alleged that: 1) approximately $274 million of First Guardian’s value arises from cash receivables in respect of which payments are many months late; 2) in excess of $23 million of First Guardian’s assets appear to have been paid to entities purportedly providing marketing services which appears contrary to representations made to investors; 3) First Guardian has invested in entities which Mr Anderson had an association with or financial interest in and Falcon appears to have failed to recognise and manage consequent conflicts of interest; 4) investors may have been exposed to classes of assets that differ from what was disclosed to them at the time of making their investment; and 5) investors may have been misled about the security of their investment and likely returns. Background – First Guardian is a registered managed investment scheme. Falcon suspended the processing of applications and withdrawals from First Guardian on 27 May 2024 subject to some limited exceptions. On 18 February 2025, the Federal Court made interim orders on the application of ASIC freezing certain assets of financial adviser, Ferras Merhi in connection with its investigations concerning certain managed investment schemes including First Guardian (25-024MR). Mr Merhi controls Venture Egg Financial Services Pty Ltd (formerly Ferras Merhi Pty Ltd) & United Financial Advice Pty Ltd, trading as Venture Egg and Financial Services Group Australia Pty Ltd (FSGA). Both Venture Egg and Mr Merhi are authorised representatives of Interprac Financial Planning Pty Ltd, an Australian Financial Services Licence (AFSL) holder. FSGA also holds an AFSL. On 18 February 2025, the Federal Court made interim orders on the application of ASIC freezing certain assets of Osama Saad, former director of Aus Super Compare Pty Ltd (in liquidation) and Atlas Marketing Pty Ltd (in liquidation) in connection with its investigations concerning certain managed investment schemes including First Guardian (25-023MR). On 24 February 2025, the Federal Court made interim orders freezing the assets of Falcon, First Guardian and Mr Anderson. Those orders were extended by the Federal Court on 27 February, 12 March 2025 and 17 March 2025. On 11 March 2025, Falcon published an update to its investors concerning the freezing orders obtained by ASIC and stated it was currently working with its advisers to develop a plan to implement an orderly wind down of First Guardian.” AISC (18/3/25): “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). ASIC is investigating Mr Alshakshir and various entities associated with him in relation to the provision of marketing services (including lead generation) and the payment for those services, in connection with its investigations into the Shield Master Fund (Shield) and the First Guardian Master Fund (First Guardian). These investigations are ongoing. The Court made the orders with Mr Alshakshir’s consent. The orders are in place until further order. Background – On 20 January 2025, ASIC sought travel restriction orders against Mr Alshakshir. While ASIC obtained temporary ex parte travel restriction orders against Mr Alshakshir, the Court subsequently dismissed ASIC’s application for interim travel orders on 22 January 2025.”
“ Australian Securities & Investments Commission (ASIC) Files for Court Order to Appoint Liquidators to Wind Up Falcon Capital (First Guardian Master Fund) & to Manage Personal Assets of Falcon Capital Director David Anderson and to Freeze Assets of Rashid Alshakshir, $173 Million (AUD 274 Million) of First Guardian Payment to Investors are Late, AUD 23 Million of First Guardian Assets Paid to Marketing Services Entities Contrary to Representations Made to Investors, First Guardian Invested in Entities Which are Related to David Anderson, Investors Misled About Security of Investment,Returns & Non-Authorized Securities “
Australian Securities & Investments Commission (ASIC) Files for Court Order to Appoint Liquidators to Wind Up Falcon Capital (First Guardian Master Fund) & to Manage Personal Assets of Falcon Capital Director David Anderson and to Freeze Assets of Rashid Alshakshir, $173 Million (AUD 274 Million) of First Guardian Payment to Investors are Late, AUD 23 Million of First Guardian Assets Paid to Marketing Services Entities Contrary to Representations Made to Investors, First Guardian Invested in Entities Which are Related to David Anderson, Investors Misled About Security of Investment,Returns & Non-Authorized Securities
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