Australian Securities & Investments Commission secures Federal Court order to wind up Falcon Capital and the First Guardian Master Fund

The Australian Securities & Investments Commission (ASIC) obtained Federal Court orders appointing Ross Blakeley and Paul Harlond of FTI Consulting as liquidators of Falcon Capital Limited and requiring the winding up of Falcon, the First Guardian Master Fund and related unregistered subsidiary funds. The Court also appointed Paul Allen of PKF Melbourne as receiver to the property of Falcon director David Anderson. ASIC brought the application citing concerns about Falcon’s management and operation of First Guardian and associated risks to investors. The orders follow earlier Federal Court action in February 2025 freezing the assets of Falcon, First Guardian and Mr Anderson while ASIC’s investigation continues. Falcon suspended processing of applications and withdrawals from First Guardian in May 2024 (subject to limited exceptions), and ASIC’s investigation to date indicates investors were often channelled via lead generators to financial advice providers who recommended rolling superannuation assets into a retail choice superannuation fund or establishing self-managed superannuation funds to invest in First Guardian. The winding-up orders extend to the First Guardian Global Income Fund, First Guardian Australian Development Fund, First Guardian Absolute Equities Fund, First Guardian Trulet Innovation Fund and First Guardian Global Equity Fund. ASIC’s investigation remains ongoing, with further updates to be provided on ASIC’s First Guardian Master Fund webpage.