<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Liquidators of the company behind the collapsed superannuation fund First Guardian Master Trust are warning they face an unphill battle to recover hundreds of millions of dollars owed to investors.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>First Guardian Master Trust entered liquidation this year, taking about $446 million from 6000 people with it.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Among them are business owners, parents and mum and dad investors, many of whom now face an uncertain financial future.</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-master-trust-superannuation-lost-asic-investigation-exclusive/7a944ee1-faa0-40c0-8972-011f056c9fee" rel="" target="_blank" title="Christian, JC and Johanna are missing a combined $319,000 in super after the collapse of First Guardian. There's thousands more like them"><strong><span>Christian, JC and Johanna are missing a combined $319,000 in super after the collapse of First Guardian. There's thousands more like them</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In an update this week, liquidators from FTI Consulting said just $1.6 million has been recovered to date after they were appointed to manage First Guardian's responsible entity Falcon Capital.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Among that $1.6 million was $336,646 from the sale of a 2023 Lamborghini Urus and $450,000 from the liquidation of craft brewer Fox Friday Brewing.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Liquidators Ross Blakeley and Paul Harlond said "a substantial shortfall of asset recoveries to outstanding and unredeemed funds invested is likely".</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/first-guardian-master-trust-liquidators-warning-for-investors/8fb33728-da26-45e3-809f-2609eb1b39b5" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>They warned unitholders that "only a partial return of unredeemed funds may eventuate."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The report said many investments had been determined to be of no value.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Remaining investments are "largely illiquid, intangible assets, located in foreign jurisdictions, and involve related parties" of Falcon and First Guardian or parties that had links with those directors.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The liquidators said they have drawn up subpoenas for a list of more than 150 parties where Falcon monies are believed to have been paid.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However, the process was expected to take "considerable time" to finalise.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Corporate regulator ASIC began investigating 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"><span>According to ASIC, most of the 6000 investors accessed First Guardian through superannuation platforms Diversa, Netwealth and Equity Trustees.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It alleges investors were lured into transferring their super by "lead generators" who referred them to personal financial advice providers.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ASIC says they were "advised to roll their superannuation assets into a retail choice superannuation fund, and then invest into First Guardian".</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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