The corporate regulator is suing directors behind the $600 million failure of the First Guardian fund in its latest escalation of year-long investigation into the allegedly fraudulent scheme that cost thousands their life savings.
Court filings show the Australian Securities and Investments Commission has started proceedings against Falcon Capital – the responsible entity behind First Guardian – and directors David Anderson and Simon Selimaj. The collapse of the scheme after a series of stop orders on the fund 18 months ago cost around 6000 unsuspecting Australians up to $500 million.
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