Christian, JC and Johanna are missing a combined $319,000 in super after their super fund collapsed

Christian Eriksen was hoping to retire next year.

Melbourne man JC Sanchez, 41, also faces losing $124,000 from his retirement fund.

And single mum Johanna Henderson, 31, said $55,000 of her nest egg is now circling the drain.

All three are financial victims of collapsed superannuation fund First Guardian Master Trust, which went into liquidation this year – taking around $446 million from 6000 people with it.

Among them are business owners, parents and mum and dad investors who are now worried sick about their future.

Approaching 60, Eriksen hoped retirement was in his future.

But the small business owner said he will have to keep working for years to come to recoup the losses.

“I intended to retire at the end of the year,” he told 9news.com.au.

“I’m just going to have to keep working. It throws all my plans completely out the window.”

His $140,000 had been frozen since 2024, but recently his balance had returned to zero.

Eriksen has started a Facebook group to help others who lost super from First Guardian.

A group of 122 people have come together to ask for help and support.

Corporate regulator ASIC began investigating First Guardian’s responsible entity Falcon Capital, First Guardian and director David Anderson in late 2024.

According to ASIC, most of the 6000 people accessed First Guardian through superannuation platforms Diversa, Netwealth and Equity Trustees.

It alleges investors were lured into transferring their super by “lead generators” who referred them to personal financial advice providers.

ASIC says they were “advised to roll their superannuation assets into a retail choice superannuation fund, and then invest into First Guardian”.

Eriksen is concerned he will never see his money again.

He said he “inadvertently” had money in First Guardian via Netwealth.

Sanchez, who runs his family business, said he feels the “Australian dream” has been ripped away from thousands of people.

He said Venture Egg convinced him to roll his super from ANZ into First Guardian.

ASIC froze the assets of Venture Egg’s owner Ferra Merhi in February and cancelled his financial services licence in June.

“I’m not really near retirement age, so I’m trying to be positive,” Sanchez said.

“My grandfather always said, he was a World War II immigrant from Italy, and he said, ‘Australia is a lucky country, just work and you’ll be looked after, you’ll be able to succeed here.’

“And I just thought super was sacred. I never thought it could be stolen like this.”

Sanchez said the idea that 6000 people simply made a bad investment or are victims of a scam is wrong.

“You should be protected no matter what. But we feel like idiots,” he said.

“Some nights I don’t sleep right because I’m up lying in bed thinking about it.

“There’s a lot of hurt people out there.”

Henderson is a single mum and lost her super after consolidating through Venture Egg following a separation.

“I’ve just started studying full-time with the hope of working part-time whilst studying. But now I have to work full time whilst studying to earn more super as I’m stressed I won’t have enough,” Henderson said.

“It also makes me feel pressure to find a partner to support my retirement.”

Henderson is also confused as to how it happened.

“Our super should be protected,” she said.

Another 6000 Australians are facing the same uncertainty following the Shield Master Fund collapse. 

Both funds had exposure to failed property developer Paul Chiodo, who ASIC alleges has questionable transactions, including luxury properties, linked to Shield Master.

Former investors in First Guardian want the government to help.

They believe they shouldn’t be punished for investments they knew nothing about.

There are also calls for more transparency and regulation in the complex superannuation fund industry.

“We want to kick up a hornet’s nest,” Sanchez said.

The Federal Court has made interim travel restraint orders against Falcon Capital Limited directors David Anderson and Simon Selimaj.

The court also made interim orders freezing the assets of Mr Selimaj until February 27, 2026.

Liquidators from FTI Consulting say the case could take at least a year to resolve.

A spokeswoman for Assistant Treasurer Daniel Mulino told 9news.com.au the government was concerned for investors.

“The government is committed to ensuring that investor interests are safeguarded and the regulatory framework governing the investment landscape is fit for purpose,” the spokeswoman said.

“ASIC has taken steps to commence enforcement and protect investors, including freezing assets and cancelling financial licences where appropriate.

“As these matters are before the Federal Court and part of ongoing investigations by ASIC and the liquidators, it would be inappropriate to provide further comments or speculation.”

ASIC has an ongoing investigation in relation to First Guardian Master Fund and Falcon Capital.  

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. The court also restrained David Anderson, a director of Falcon, from dealing with his assets and appointed a receiver to his personal property.

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.

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. 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.

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: