The Perth FIFO worker suffers from thoracic myelopathy, a spinal condition which stops her from working, and hoped some of her $147,000 super fund could provide a lifeline.

But Boyd, 50, would never see a cent of it after discovering her nest egg had been frozen and later drained without her knowledge.

Boyd’s entire retirement fund, along with around $446 million, may never be recovered.

“I claimed my super through the ATO. I went through all the right channels and I got the okay from the ATO to release $70,000 of my super,” Boyd told 9news.com.au.

“This is the way that I found out that I wasn’t getting anything. I was gutted.”

Boyd said she received a cold call from Venture Egg in 2023, which then represented financial firm InterPrac.

InterPrac has since cut ties with Venture Egg.

Boyd switched her super over to First Guardian after speaking to the caller.

“I thought, well, I’m almost 50 years old, maybe changing my super that gets me a bit more money in the end would be a good thing,” she said.

“The way they spoke… it was all rainbows and lollipops and amazing. [But] I did have a gut feeling that something wasn’t right.”

ASIC alleged its investigation found investors were “called by lead generators and referred to personal financial advice providers who advised them to roll their superannuation assets into a retail choice superannuation fund, and then invest into First Guardian”.

Boyd said she had no idea about First Guardian’s collapse until her mum did some digging.

She tried desperately to get her money out. But it was too late.

“I’ve had that since I was 19, 20 years old. My dad helped set me up,” Boyd said.

“I would have had a good retirement, but now I don’t know what to do.

“There’s nothing there. I can’t think of a future, I can’t think of retirement because I just don’t have one.”

Boyd was also forced to delay her back surgery as she can’t pay for it and is now on a public waiting list.

In the meantime, she can’t work and earn more super to make up for her staggering loss.

“I tell myself every day, I shouldn’t have swapped it, but it has happened,” Boyd added.

“I just really want my surgery so I can get back to work and start living life as I was prior, because I was pretty good prior to this.”

ASIC began investigating First Guardian’s responsible entity Falcon Capital, First Guardian and director David Anderson in late 2024.

The Federal Court made interim travel restraint orders against Falcon Capital Limited directors David Anderson and Simon Selimaj on July 2. No findings of wrongdoing have been made in relation to the directors to date.

Liquidators from FTI Consulting say the case could take at least a year to resolve.

A spokeswoman for Assistant Treasurer Daniel Mulino told 9news.com.au the government was concerned for investors.

“The government is committed to ensuring that investor interests are safeguarded and the regulatory framework governing the investment landscape is fit for purpose,” the spokeswoman said.

“ASIC has taken steps to commence enforcement and protect investors, including freezing assets and cancelling financial licences where appropriate.

“As these matters are before the Federal Court and part of ongoing investigations by ASIC and the liquidators, it would be inappropriate to provide further comments or speculation.”

Another 6000 Australians are facing the same uncertainty following the Shield Master Fund collapse. 

ASIC has an ongoing investigation in relation to First Guardian Master Fund and Falcon Capital.  

Following concerns raised by ASIC, the Federal Court appointed liquidators to Falcon Capital and ordered the wind-up of First Guardian and its related funds in April. The court also restrained David Anderson, a director of Falcon, from dealing with his assets and appointed a receiver to his personal property.

ASIC’s investigation suggests that potential consumers were called and referred to personal financial advice providers who advised consumers to roll their superannuation assets into a retail choice superannuation fund, and then to invest part or all of their superannuation into First Guardian.

While ASIC’s investigation is ongoing, the Federal Court has made interim travel restraint orders against Falcon Capital director David Anderson on ASIC’s application. The Court also made interim orders freezing the assets of another Falcon director, Simon Selimaj and restraining his travel. Those orders are in place until 27 February 2026. 

We understand the circumstances surrounding First Guardian are distressing for those affected and it is one of ASIC’s priorities to investigate what has happened and to preserve as much of investors’ funds as possible while our investigation is continuing.

So far, ASIC has had more than 40 court appearances on matters related to First Guardian and Shield. We have taken a range of enforcement action with respect to these matters including: