Apr. 14, 2025 AST Court Judgment to Wind Up Falcon
On Apr. 14, 2025, AST Court published a judgment which is titled Australian Securities and Investments Commission v Falcon Capital Limited, the judgment includes orders made by AST Court to appoint a receiver to, and wind up, Falcon Capital Limited.
Judge noted meaning of property includes digital assets, cryptocurrency, or similar.
On Mar. 17, AST ASIC applied for order to wind up First Guardian.
AST ASIC applied to AST Court (Federal Court) for appointment of liquidators to Falcon Capital Limited, the responsible entity for First GuardianMaster Fund (First Guardian).
It also applied for orders directing the liquidators to wind up First Guardian.
This action follows orders made on Feb. 24, 2025 freezing the assets of Falcon, First Guardian and director David Anderson, to protect investor funds during investigation.
Allegations
AST ASIC has alleged that approximately AUD 274mn of First Guardian’s value arises from cash receivables in respect of which payments are made months late.
Over AUD 23mn of First Guardian’s assets were paid to entities purportedly providing marketing services which appears contrary to representations made to investors.
First Guardianinvested in entities which Mr Anderson had an association with/financial interest in; Falcon failed to recognize and manage consequent conflicts of interest.
Investors exposed to classes of assets that differ from what was disclosed to them at the time of making their investment, misled about the security of their investment.
Mar. 18, 2025 Rashid Alshakshir Asset Freeze
On Mar. 18, 2025, AST ASIC said the AST Court has made orders freezing assets of Rashid Alshakshir, who is director of three companies which are in liquidation.
Mr Alshakshir and various entities associated with him are being investigated in relation to the provision of marketing services and the payment for those services.
In connection with ASIC's investigations into Shield Master Fund and First Guardian.
Follows AST ASIC Dec. 2024 re winding up responsible entity for Shield, see #216430.
Apr. 10, 2025 Liquidator Appointed
On Apr. 10, 2025, AST ASIC said the AST Court has appointed Ross Blakeley and Paul Harlond of FTI Consulting as liquidators of Falcon Capital Limited (Falcon) and ordered the liquidators to wind up Falcon, and related unregistered subsidiary funds.
In addition, the AST Court also ordered that Paul Allen of PKF Melbourne be appointed as receiver to the property of David Anderson, a director of Falcon.
Apr. 14, 2025 AST Court Judgment to Wind Up Falcon
On Apr. 14, 2025, AST Court published a judgment which is titled Australian Securities and Investments Commission v Falcon Capital Limited, the judgment includes orders made by AST Court to appoint a receiver to, and wind up, Falcon Capital Limited.
Judge noted meaning of property includes digital assets, cryptocurrency, or similar.
Regulators
AST ASIC; AST Court; Lawsuit
Entity Types
B/D; IA; Inv Co
Reference
LR [2025] FCA 359, VID 199/2025, 4/14/2025; PR 25-055MR, 4/10/2025; PR 25-043MR, 3/18/2025; PR 25-041MR, 3/17/2025; PR 25-027MR, 2/28/2025; ESG
