The Australian Securities and Investments Commission (ASIC) has secured travel restraint orders against David Anderson and Simon Selimaj, both directors of Falcon Capital Limited, the responsible entity for the First Guardian Master Trust.
The orders were issued after the corporate regulator made an application to the Federal Court to prohibit both men from leaving or attempting to leave Australia until 27 February 2026.
In addition, the Federal Court also made interim orders freezing Selimaj’s assets until 27 February 2026. This instruction prevents him from removing his property from Australia, selling, charging, mortgaging, dealing with or disposing of property, incurring new liabilities, and withdrawing, transferring, disposing of or dealing with money held in bank accounts.
Both sets of orders were made to enable ASIC to continue its investigation into the two men and ensure their assets were preserved during the progression of the process.
ASIC is also pursuing further action against Selimaj by looking to have a receiver and manager appointed to oversee his properties. This application is scheduled to be addressed at a case management hearing on 22 July.
The initial stages of the ASIC investigation into the operation of the First Guardian Master Trust indicated the entity was using lead generators, referred to as personal financial advice providers, to encourage consumers to roll their superannuation benefits into an SMSF and then invest those monies into the First Guardian platform.
As a result of the ongoing investigation, the corporate watchdog was successful in having Ross Blakeley and Paul Harlond of FTI Consulting being appointed as liquidators for Falcon Capital and the First Guardian Master Trust.
At the same time, orders were given to have Paul Allen of PKF Melbourne appointed as receiver to the property of Anderson. This followed the freezing of his assets, as well as those of Falcon Capital and the First Guardian Master Trust on 24 February.
