<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>Exclusive:</span></strong><span> A former mining worker has been forced to reverse his retirement and become a truck driver after </span><a href="https://www.9news.com.au/national/first-guardian-master-trust-superannuation-lost-asic-investigation-exclusive/7a944ee1-faa0-40c0-8972-011f056c9fee" rel="" target="_blank" title="losing his entire nest egg"><span>losing his entire nest egg</span></a><span> in a devastating superannuation collapse.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Phil Mazitelli, 61, was about to live the good life travelling Australia in a caravan.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A cold-call two years ago which convinced him to swap his super has ruined those plans.</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>Mazitelli had just finished a 30-year career in mining in Queensland's north and finally wanted to enjoy the fruits of his back-breaking labour.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I turned 60, wanted to retire and spend a bit of money on myself," Mazitelli told </span><a href="http://9news.com.au"><span>9news.com.au</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"In 2023 I was online and I saw this advertisement which said 'you can improve your super', I filled out a form and before I knew it I got a call."</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/first-guardian-superannuation-collapse-queensland-man-phil-loses-hundreds-of-thousands-forced-to-reverse-retirement/170a3c03-4e70-4584-8f37-04df79d27f3c" data-widget-id="AR_5"></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>Mazitelli was told he'd be able to secure his retirement with better returns, so he transferred his money to Australian Practical Super, known as AusPrac.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He heard nothing more and assumed everything was OK.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>After a year, it was time for Mazitelli to hang up his boots and retire.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He had a healthy nest egg of just over $240,000 to enjoy in his twilight years.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>When he went to pull it out, the nightmare began.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He couldn't access a single cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Then I saw that First Guardian had gone into liquidation and my money had been frozen," Mazitelli said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Like many Australians stung by First Guardian's collapse, Mazitelli said he'd never heard of this fund.</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/esta-visa-australian-travellers-returning-from-us-falsely-accused-of-overstaying-exclusive/2c5863d5-658a-48f2-a0ea-511fccaf6431" target="" title="Aaron was accused of illegally staying in the US for over 10 years"><strong><span>Aaron was accused of illegally staying in the US for over 10 years</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Around 6000 people who are missing some or all of their superannuation after the collapse of First Guardian Master Trust, which went into liquidation and is under investigation by corporate regulator ASIC.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ASIC began investigating First Guardian's responsible entity Falcon Capital and First Guardian.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>AusPrac, also known as Australian Practical Superannuation, is operated by parent company Sequoia Financial Group.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Diversa is the trustee for AusPrac.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In a statement to impacted members, Diversa said it understands AusPrac members who invested in a First Guardian Master Fund may be experiencing "stress, anxiety and feelings of uncertainty in response to significant financial losses".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="http://9news.com.au" rel="" target="_blank" title="9news.com.au"><span>9news.com.au</span></a><span> has contacted Sequoia for comment but is yet to receive a reply.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Nine.com.au is not suggesting any wrongdoing by AusPrac.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The long and complicated process of trying to win back even a fraction of Mazitelli's nest egg has been going on for 12 months.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Retirement is now out of the question and he has been forced to return to work as a truck driver.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He's looking at another 10 years of work at the very least.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The emotional burden of losing his financial freedom has taken a toll too.</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>"If I make it to 70… that's probably how long I'll be working," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"My life has now changed because I wanted to get away and do stuff, I can't anymore. It's had a huge impact.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"At my age I shouldn't cry but I do, I am angry a lot… now it's just each day wondering and hoping for a resolution."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Mazitelli has joined a Facebook group of 1300-strong people who have also lost their superannuation.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Around 12,000 Australians are missing a combined total of $1.2 billion after the collapse of First Guardian and Shield Master Trust.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Members of the group are supporting and counselling each other as the ASIC investigation takes place.</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/us-immigration-esta-error-queensland-woman-denied-boarding-flight-in-canada/56068ae8-803d-414f-a3f9-1413269f7e3a" rel="" target="_blank" title="Queensland woman forced to pay $10k to fly home after being denied boarding on flight to US"><strong><span>Queensland woman forced to pay $10k to fly home after being denied boarding on flight to US</span></strong></a><span></span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Victims of both collapses are demanding government action – and fast.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The government needs to intervene now… to safeguard and watch every superannuation fund so that this doesn't happen to anyone else," Mazitelli said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We are all just normal and hardworking Australians who did nothing wrong."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Hundreds of victims have lodged complaints with The Australian Financial Complaints Authority (AFCA).</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Mazitelli has contacted his local member Andrew Wilcox, the MP for Dawson in north Queensland, who said he will advocate on his behalf.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A Change.org petition has also been started to ask the government to establish a victims' trust.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><em><span>ASIC's full statement</span></em></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><span>ASIC has an ongoing investigation in relation to First Guardian Master Fund and Falcon Capital. </span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><span>Following concerns raised by ASIC, the Federal Court appointed liquidators to Falcon Capital and ordered the wind-up of First Guardian and its related funds in April.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><span>The court also restrained David Anderson, a director of Falcon, from dealing with his assets and appointed a receiver to his personal property.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><span>ASIC's investigation suggests that potential consumers were called and referred to personal financial advice providers who advised consumers to roll their superannuation assets into a retail choice superannuation fund, and then to invest part or all of their superannuation into First Guardian.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><span>While ASIC's investigation is ongoing, the Federal Court has made interim travel restraint orders against Falcon Capital director David Anderson on ASIC's application. The Court also made interim orders freezing the assets of another Falcon director, Simon Selimaj and restraining his travel.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><span>Those orders are in place until 27 February 2026. We understand the circumstances surrounding First Guardian are distressing for those affected and it is one of ASIC's priorities to investigate what has happened and to preserve as much of investors' funds as possible while our investigation is continuing.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><span>So far, ASIC has had more than 40 court appearances on matters related to First Guardian and Shield. We have taken a range of enforcement action with respect to these matters including:</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><p><em><span>stop orders to prevent ongoing consumer harm,</span></em></p></li><li><p><em><span>commencing court proceedings to preserve assets and restrict travel of persons of interest,</span></em></p></li><li><p><em><span>appoint receivers and liquidators with the aim of securing investor funds</span></em></p></li><li><p><em><span>executing numerous search warrants with the assistance of the Australian Federal Police.</span></em></p></li><li><p><em><span>cancelled licences and banned certain financial advisers.</span></em></p></li></ul></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>Readers seeking support can contact Lifeline on 13 11 14 or beyond blue on 1300 22 4636.</span></strong></div></div>