$450m Ponzi scheme: First Guardian investors left with nothing as luxe spending exposed

Investors in the collapsed First Guardian Master Fund have likely lost everything, with around $446 million in superannuation wiped out and no realistic chance of getting it back. The fund, run by Falcon Capital, turned out to be a Ponzi scheme: new money was used to pay old investors while most funds were diverted into illiquid ventures and related-party deals. Only about $2.2 million in cash and a Lamborghini remain. The fund’s director allegedly splurged on a $9 million home and transferred $5.6 million into his personal accounts. With assets frozen and regulatory actions underway, recovery is expected to be slow and minimal.

Know more- https://www.theaustralian.com.au/business/first-guardian-investors-could-lose-all-of-their-superannuation-savings/news-story/c286a9e9f2a56cf1d38dd5ffb39e7b7b