ASIC Moves Against Merhi-Linked Advisory Firms

The Federal Court has appointed Renee Di Carlo of Rodgers Reidy as provisional liquidator of Venture Egg Financial Services and United Financial Advice, entities through which Sydney-based adviser Ferras Merhi and his network provided financial advice to retail clients. The appointment, made on 27 October 2025, follows ASIC allegations that between 2020 and 2024, Mr Merhi and his advisers directed clients to invest roughly $296 million of superannuation into First Guardian and $230 million into Shield, two investment schemes that have since collapsed.

ASIC claims Mr Merhi’s businesses reaped $18 million in upfront advice fees and more than $19 million in payments from First Guardian–related entities for promoting the product to clients, exposing thousands of investors’ superannuation to significant loss, and raising serious concerns about conflicts of interest, disclosure failures, and compliance oversight within the advice network.

The Court also made interim orders restraining Mr Merhi from operating within the financial services industry and appointed Paul Allen of PKF Australia as receiver to Mr Merhi’s property.