ASIC Seeks $274 Million Fund Liquidation

Australian investors face a potential loss of $274 million due to the liquidation of the troubled First Guardian Master Fund. The Australian Securities and Investments Commission (ASIC) has filed an application with the Federal Court seeking to wind up Falcon Capital Limited and its fund, accusing them of financial irregularities, misleading practices, and conflicts of interest. Since May 2024, the fund has suspended withdrawals, leaving investors in limbo. ASIC is also pursuing the appointment of a receiver to manage the personal assets of Falcon Capital's director, David Anderson. A court hearing on the matter is scheduled for April 9.