<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>Exclusive:</span></strong><span> A nurse aged in her 60s who wanted to retire soon is one of thousands missing money after two Australian </span><a href="https://www.9news.com.au/national/australia-retirement-super-finance-money/44158611-c6a6-401b-90be-5d167eb150d0" rel="" target="_blank" title="superannuation funds"><span>superannuation funds</span></a><span> collapsed.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>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.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It turned out to be a costly decision.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/first-guardian-superannuation-collapse-sammi-boyd-missing-retirement-fund-cant-pay-for-surgery/a348ee8b-4087-4bb8-9c18-98fb4e5226ec" target="_blank" title="Perth woman's nightmare after discovering $147k super had been drained"><strong><span>Perth woman's nightmare after discovering $147k super had been drained</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>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. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Rogers told </span><a href="http://9news.com.au"><span>9news.com.au</span></a><span> she feels like her future has been stolen.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I've been nursing for over 30 years and it's hard, It's really hard," Rogers said.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/superannuation-funds-collapse-first-guardian-master-shield-nurse-lisa-rogers-lost-60000-exclusive/c312d287-7622-4ed8-af18-9a32901cafef" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"And you don't get many nurses that can keep going past the retirement age.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I didn't have much superannuation and was trying to increase my returns on my superannuation before retiring."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>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.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><strong><span>Do you have a story? Contact</span></strong></em><span> </span><strong><em><span>reporter April Glover at</span></em></strong><span> </span><a href="mailto:april.glover@nine.com.au" target="" title="april.glover@nine.com.au"><em><strong><span>april.glover@nine.com.au</span></strong></em></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Her Shield investment is frozen and the First Guardian balance is now zero due to the ASIC investigation into both collapsed funds.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Rogers' plan was to retire within the next two years.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>She is now looking at working for another six years to recoup even some of her losses.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I don't know how I'm going to fund my retirement because I'm already 63," she said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I'm going to be a lot worse off and it's scary."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Rogers said she also supports her adult son with a disability and her missing super will impact his life too.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"There are people who have lost hundreds of thousands of dollars, which is awful," she said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"But it's my money, it's still my money."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><strong><span>Untangling the collapse of two super funds</span></strong></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Rogers said she was convinced to move her superannuation across by a financial planner associated with Financial Services Group Australia (FSGA).</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ASIC permanently cancelled the Australian Financial Services (AFS) license of FSGA on June 7 this year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ASIC said representatives of FSGA provided "personal financial product advice" to people who invested in First Guardian.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Ferras Merhi was the sole director of FSGA from 10 February 2021 to 30 May 2025. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>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.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Keystone Asset Management Ltd is the responsible entity of Shield Master Fund and is now also in liquidation.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ASIC also began investigating First Guardian's responsible entity Falcon Capital, First Guardian and director David Anderson in late 2024.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/visas-australia-south-korean-family-in-melbourne-facing-deportation-over-document-error-plea-to-immigration-minister/fbe7e793-9a9f-4a63-a16a-ed0accae724e" target="_blank" title="Melbourne family risk being deported to South Korea over 'misunderstanding'"><strong><span>Melbourne family risk being deported to South Korea over 'misunderstanding'</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>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.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In a statement, ASIC said it has had more than 40 court appearances on matters related to First Guardian and Shield. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>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".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Whether any money is returned depends on available assets, court outcomes and the results of liquidation and recovery proceedings," ASIC said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/perth-couple-esta-problem-cruise-cancelled-face-ban-from-travelling-to-usa-exclusive/c776994f-92cf-458f-b1d8-7de44ed985fa" target="_blank"><strong><span>Aussie couple's dream holiday ruined over US immigration debacle</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><span>Victims could wait years for their money</span></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Rogers has lodged a complaint with the Australian Financial Complaints Authority (AFCA).</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>She and other complainants have been told it could take years for anything to be resolved.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However the liquidators of Shield Master told victims they may eventually receive 22c to 50c from every dollar invested.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I am a little bit hopeful, but cautiously, I guess," Rogers added.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>She and thousands of other financial victims want answers and change, including stricter regulation of the superannuation industry.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The layperson like myself thought that this is the safest way of accumulating some money for retirement," Rogers explained.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"You're under the impression that it's heavily regulated by the government and that this sort of thing cannot occur."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>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.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>She also suspects thousands more victims will need the pension now too.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Then that increases the burden on the government," Rogers said. "You'd think they would want to do something to eliminate that."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A spokeswoman for Assistant Treasurer Daniel Mulino told 9news.com.au the federal government was concerned for investors.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"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.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"ASIC has taken steps to commence enforcement and protect investors, including freezing assets and cancelling financial licences where appropriate.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"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."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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