The Australian Securities & Investments Commission has obtained interim Federal Court orders freezing the assets of Falcon Capital Limited, the First Guardian Master Fund and Falcon director David Anderson to help protect investor funds while its investigation continues. The orders restrain Falcon and Mr Anderson from removing property (including property of First Guardian) from Australia, dealing with or diminishing the value of that property, incurring new liabilities, and withdrawing or transferring money held in bank accounts in which Falcon or Mr Anderson have an interest. Limited exceptions apply, including allowing the transfer of specific First Guardian property under an existing sale agreement entered into by Falcon. Falcon is the responsible entity for First Guardian, a registered managed investment scheme (ARSN 635 429 113), and it suspended the processing of applications and withdrawals from the fund on 27 May 2024 subject to limited exceptions. A further court hearing is listed for 14 March 2025.
Australian Securities & Investments Commission 2025-02-28
Australian Securities & Investments Commission secures Federal Court interim asset freeze over First Guardian Master Fund, Falcon Capital and director David Anderson
The Australian Securities & Investments Commission (ASIC) secured interim Federal Court orders to freeze the assets of Falcon Capital Limited, the First Guardian Master Fund, and Falcon director David Anderson amid an ongoing investigation. The orders prevent Falcon and Anderson from removing or diminishing property value, incurring new liabilities, and transferring funds, with limited exceptions. Falcon, responsible for the First Guardian managed investment scheme, suspended fund applications and withdrawals on 27 May 2024, subject to exceptions. A further court hearing is scheduled for 14 March 2025.