Break it Down: Trigg takes in $12.5m strategic backing for North American antimony
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SBS Australia
2 hours ago
- SBS Australia
First Nations graduates celebrate Master of Indigenous Business Leadership on mass
The Master of Indigenous Business Leadership program is now in its fifth year, with this year's graduating class includes 17 students from more than 20 communities across the country. It's co-designed and led by Indigenous business leaders, Elders and academics and the degree aims to encourage the next generation and diversify the sector.
News.com.au
3 hours ago
- News.com.au
Thousands of Aussies at risk of losing their super after collapse of First Guardian Master Fund
Thousands of Aussies who have invested millions of their super into First Guardian Master Fund are in limbo as the company collapses. About 6000 Australians have invested $590m into the superannuation fund, which was founded in 2019 as a management investment scheme. Investors were advised to roll their money into a retail choice super fund, then invest their funds into First Guardian, which was available to investors on the superannuation platforms Equity Trustees, Netwealth and Diversa. Despite the details being written in the company's legal documents, customers said they were unaware their funds were being transferred to First Guardian Master Fund. One of the customers affected was Juan Carlos Sanchez, a 41-year-old business owner from Melbourne who told the ABC he was contacted by a financial advisory called Venture Egg, who convinced him to roll his nest egg from ANZ to a fund called Austrac. He said the fund convinced him his super would increase to $1m by the time he retired, likening the process to 'someone selling you cars … just relentless, relentless people'. However, after he shifted his money over to the fund and checking his balance, he discovered his withdrawals had been frozen. He later learned the withdrawals from his super had been frozen since May 2024. 'When I got that email (from Austrac advising the superannuation money had been frozen), my stomach dropped — I just had this sick feeling,' he told the outlet. He learned his funds were not being reinvested to increase his super, but instead sent to a 'cash hub' which was controlled by directors of First Guardian Master Fund, which he had never heard of before. The company collapsed earlier this year, with 6000 customers investing $590m into the fund before its demise. Corporate watchdog Australian Securities and Investments Commission (ASIC) confirmed it was launching an investigation into the company. Falcon Capital Limited is responsible for the filed superannuation fund, with ASIC investigating its former managing director David Anderson, who allegedly funnelled funds from superannuation members into his failed property developments and craft breweries. It's alleged Mr Anderson also poured the investor's savings into celebrity chef Scott Pickett's restaurant empire, of which he was an investor, ABC reports. Mr Anderson's assets have been frozen and his passports seized as the Federal Court appointed liquidators to Falcon Capital and investigators continue to sort through financial records. ABC reports Mr Anderson allegedly moved $274m into offshore companies after he was alerted about the corporate watchdog's probe. ASIC warned the money would be hard to recover. The watchdog alleges $5.6m was deposited into Mr Anderson's ANZ account between June 202 and September last year 'without any legitimate basis for payments in that amount being apparent to ASIC or disclosed to investors'. ASIC also alleges Mr Anderson used $16,000 to make mortgage payments on his $9m home overlooking the Yarra River. Documents obtained by ABC revealed ASIC 'alleges that Falcon and its directors and officers may have failed to act in the best interests of members'. 'Falcon appears to continue to redeploy the limited funds it has received to illiquid investments, despite representations made to investors that it would fulfil redemption requests and reopen the First Guardian Master Fund for investment once the cash receivables are received,' the report read. The allegations suggest Falcon may have misled its investors about the safety of their money after the suspension of applications and withdrawals in May 2024. However, Mr Anderson's legal representative, Dan Mackay of Mackay Chapman, told the ABC 'there have been no findings of fact or law by any court or tribunal, nor by ASIC'. 'Mr Anderson will fully exercise his rights in response to allegations which may be made against him at the appropriate time in the appropriate forum,' he said. ASIC investigators said in the 'best-case scenario', $81m would be unaccounted for, but confessed money loaned to international businesses may never be recovered. ASIC is also investigating Ferras Merhi, a Melbourne-based financial adviser and former VFL: ruckman who controlled Venture Egg Financial Services and allegedly encouraged thousands of clients to move their funds into First Guardian Fund and Shield Master Fund. The Federal Court has since frozen some of Mr Merhi's assets and is allegedly linked to 2,440 clients who invested $179m into First Guardian. It's alleged Mr Merhi was paid $19m from First Guardian to market the fund, according to court documents.
News.com.au
3 hours ago
- News.com.au
Break it Down: Australian Mines secures Boa Vista earn-in
Stockhead's Break it Down brings you today's leading market news in under 90 seconds. In this episode, host Tylah Tully looks at the latest from Australian Mines (ASX:AUZ), which has secured the right to earn up to 80% of the Boa Vista gold project in Brazil's Pará state. Tune in to hear all about it. While Australian Mines is a Stockhead advertiser, it did not sponsor this content. Originally published as Break it Down: Australian Mines secures Boa Vista earn-in
