Aussies Lose $1B in Super Fund Collapse
Update: 2025-12-09
Description
Thousands of Australians, including Melinda Kee and Peter Spencer-Franks, have lost billions in retirement savings due to the collapse of First Guardian and Shield Master Funds. These funds were liquidated after regulatory failures were uncovered, with investors misled into high-risk schemes. Victims like Deborah Heron, who lost most of her superannuation, face uncertain futures. ASIC has launched legal action against Diversa Trustees, but systemic issues in the superannuation industry remain unaddressed, raising concerns about regulation and the approval process for managed investment schemes.
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