ASIC has obtained interim orders freezing the assets of Falcon Capital Limited, the First Guardian Master Fund and David Anderson. Falcon is the responsible entity for First Guardian and David Anderson is a director of Falcon.

ASIC sought the orders to help protect investor funds while an investigation is continuing.

The Federal Court orders restrain Falcon and Mr Anderson from:

• removing their property (including the property of First Guardian) from Australia,
• selling, charging, mortgaging, encumbering or otherwise dealing with, disposing of and/or diminishing the value of that property,
• incurring new liabilities, and
• withdrawing, transferring, disposing of or dealing with money held in bank accounts in which Falcon or Mr Anderson have an interest.

The orders are subject to some limited exceptions, including to allow for the transfer of specific property of First Guardian under an existing sale agreement entered into by Falcon.

A further Court hearing is listed to take place on 14 March 2025.

Background

First Guardian is a registered managed investment scheme (ARSN 635 429 113).

Falcon suspended the processing of applications and withdrawals from First Guardian on 27 May 2024 subject to some limited exceptions.

More information

Any person who wants to provide information to ASIC to assist its investigation into matters concerning First Guardian can contact ASIC’s investigation team by email at firstguardian.queries@asic.gov.au.

Editor's note 1:

On 12 March 2025, the Court made orders vacating the Case Management Hearing listed for 14 March 2025 and re-listing the Case Management Hearing for 17 March 2025.

Editor's note 2:

On 18 March 2025, the Federal Court froze assets of Rashid Alshakshir in connection with ASIC's investigations into Shield and First Guardian (24-043MR).

Editor's note 3:

ASIC has applied to the Federal Court for the appointment of liquidators to Falcon 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 Mr Anderson. ASIC’s application has been listed for hearing on 9 April 2025. For further information, see 25-041MR.