Australian
regulators have tightened restrictions on two directors of Falcon Capital
Limited, the company behind the troubled First Guardian Master Fund, as part of
an ongoing investigation into the $274 million fund’s management and investor losses.

Australian Court Bars
First Guardian Directors From Leaving Country

The Federal
Court has issued interim orders preventing David Anderson and Simon Selimaj,
both directors of Falcon Capital, from leaving Australia until February 27,
2026.

The court
also froze the assets of Mr. Selimaj, barring him from moving property out of
the country, selling or mortgaging assets, taking on new debts, or accessing
funds in his bank accounts.

These
measures are designed to ensure both men remain available to assist the
Australian Securities and Investments Commission (ASIC) with its
investigation and to safeguard assets for investors.

ASIC is
also seeking to appoint a receiver and manager over Mr. Selimaj’s personal
property, with a court hearing scheduled for July 22.

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$274 Million Fund

The
crackdown follows a series of escalating interventions since May 2024, when
Falcon Capital suspended most applications and withdrawals from the First
Guardian Master Fund. Since then, the majority of the fund’s approximately
6,000 investors have been unable to access their money.

In
February, the court froze assets belonging to Falcon, First Guardian, and
Mr. Anderson. By
April, liquidators were appointed to wind up Falcon, First Guardian, and
related subsidiary funds, and a receiver was assigned to Mr. Anderson’s
property.

ASIC’s
investigation centers on concerns about how First Guardian was managed and the
risks faced by investors. According to the regulator, many investors were
referred by lead generators to financial advisers, who encouraged them to move
their superannuation savings into First Guardian, sometimes via self-managed
super funds.

Investors Remain Locked
Out

ASIC has
raised questions about overdue receivables, payments to marketing entities, and
potential conflicts of interest involving investments linked to company
insiders.

ASIC
stated, “ASIC sought the orders to ensure Mr Anderson and Mr Selimaj remain in
Australia to assist ASIC with its investigation and to preserve assets while
ASIC’s investigation is continuing.”

The
investigation remains ongoing, and ASIC has not alleged any wrongdoing at this
stage. The regulator said it will continue to update investors and the public
as more information becomes available.