Victoria nurse Lisa Rogers, 63, transferred half of her retirement fund across to First Guardian Master Fund and Shield Master Fund in 2023, hoping she could maximise her superannuation.

It turned out to be a costly decision.

Along with 12,000 other Australians who have lost a combined $1.2 billion, Rogers’ nest egg has been frozen and drained with no answers. 

“I’ve been nursing for over 30 years and it’s hard, It’s really hard,” Rogers said.

“And you don’t get many nurses that can keep going past the retirement age.

“I didn’t have much superannuation and was trying to increase my returns on my superannuation before retiring.”

Rogers had $42,000 invested in Shield Master Fund and nearly $20,000 in First Guardian, with the rest in a separate fund which is still accessible.

Her Shield investment is frozen and the First Guardian balance is now zero due to the ASIC investigation into both collapsed funds.

Rogers’ plan was to retire within the next two years.

She is now looking at working for another six years to recoup even some of her losses.

“I don’t know how I’m going to fund my retirement because I’m already 63,” she said.

“I’m going to be a lot worse off and it’s scary.”

Rogers said she also supports her adult son with a disability and her missing super will impact his life too.

“There are people who have lost hundreds of thousands of dollars, which is awful,” she said.

“But it’s my money, it’s still my money.”

Untangling the collapse of two super funds

Rogers said she was convinced to move her superannuation across by a financial planner associated with Financial Services Group Australia (FSGA).

ASIC permanently cancelled the Australian Financial Services (AFS) license of FSGA on June 7 this year.

ASIC said representatives of FSGA provided “personal financial product advice” to people who invested in First Guardian.

Ferras Merhi was the sole director of FSGA from 10 February 2021 to 30 May 2025. 

ASIC is investigating Merhi and various entities associated with him, in connection with its investigations concerning Shield and First Guardian. Nine.com.au is not suggesting any wrongdoing by Mehri, only that investigations are ongoing.

Keystone Asset Management Ltd is the responsible entity of Shield Master Fund and is now also in liquidation.

ASIC also 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.

In a statement, ASIC said it has had more than 40 court appearances on matters related to First Guardian and Shield. 

ASIC has also told investors that they cannot withdraw or transfer their investments as “all redemptions are frozen due to the liquidation so that the overall financial position of the fund and recoverability of the fund’s investments can be assessed by the liquidators”.

“Whether any money is returned depends on available assets, court outcomes and the results of liquidation and recovery proceedings,” ASIC said.

Victims could wait years for their money

Rogers has lodged a complaint with the Australian Financial Complaints Authority (AFCA).

She and other complainants have been told it could take years for anything to be resolved.

However the liquidators of Shield Master told victims they may eventually receive 22c to 50c from every dollar invested.

“I am a little bit hopeful, but cautiously, I guess,” Rogers added.

She and thousands of other financial victims want answers and change, including stricter regulation of the superannuation industry.

“The layperson like myself thought that this is the safest way of accumulating some money for retirement,” Rogers explained.

“You’re under the impression that it’s heavily regulated by the government and that this sort of thing cannot occur.”

Roger said she may have to lean heavily on the pension to fund her retirement if she doesn’t claw back her missing $60,000.

She also suspects thousands more victims will need the pension now too.

“Then that increases the burden on the government,” Rogers said. “You’d think they would want to do something to eliminate that.”

A spokeswoman for Assistant Treasurer Daniel Mulino told 9news.com.au the federal 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.”