First Guardian - Case Update

Liquidators from FTI Consulting have released their preliminary report into the downfall of the First Guardian Master Fund, which manages the superannuation of approximately 6,000 Australians.

On 9 April 2025, Ross Blakeley and Paul Harlond were appointed liquidators of Falcon Capital Limited to wind up the First Guardian Master Fund and four other funds. The application was brought by ASIC, which has launched an investigation into First Guardian and its director, David Anderson, over allegations that he inappropriately transferred investor funds. Mr Anderson’s assets have been frozen, his passport has been surrendered and Paul Allen of PKF Melbourne has been appointed receiver of his property. Another director, Simon Selimaj, has also surrendered his passport and had his assets frozen, and ASIC is seeking the appointment of a receiver over his property as well.

The liquidators’ preliminary investigations have revealed that ASIC’s concerns were well-founded, since it seems that significant investor funds may have been invested in illiquid investments such as property developments and related companies, and that losses may total as much as $446 million.

One of the assets uncovered by the liquidators is a 2023 Lamborghini Urus, which was purchased by the company in January 2023 for nearly $550,000. The car was in Mr Selimaj’s possession when the liquidators were appointed. The liquidators have engaged Slattery Auctions to collect and secure the vehicle, which is expected to fetch between $350,000 and $400,000 at auction.

The liquidators have warned creditors that it will take more than a year to conduct their investigations and conclude the liquidation.

Read their report HERE.