First Guardian RE directors see travel restraints order imposed
The Federal Court has made interim travel restraint orders against two Falcon Capital directors, while also freezing one director’s assets.
ASIC has announced that Falcon Capital Limited - the responsible entity for the First Guardian Master Fund - directors David Anderson and Simon Selimaj are now prohibited from leaving or attempting to leave Australia until 27 February 2026.
The Federal Court issued interim travel restraint orders against Anderson and Selimaj, while also making interim orders freezing the assets of Selimaj, also until 27 February 2026.
This restrains the director from:
- removing his property from Australia;
- selling, charging, mortgaging, dealing with or disposing of property;
- incurring new liabilities; and
- withdrawing, transferring, disposing of or dealing with money held in bank accounts.
Anderson was already subject to an asset freezing order, with the Federal Court taking action in February.
“ASIC sought the orders to ensure Mr Anderson and Mr Selimaj remain in Australia to assist ASIC with its investigation and to preserve assets while ASIC’s investigation is continuing,” the regulator said.
ASIC said it is also seeking the appointment of a receiver and manager to the personal property of Selimaj. That application has been listed for a case management hearing on 22 July 2025.
In May 2024, Falcon suspended the processing of applications and withdrawals from First Guardian subject to some limited exceptions. Since that time, the vast majority of investors have been unable to access their funds.
“ASIC’s investigation to date suggests that many investors were called by lead generators and referred to personal financial advice providers who advised them to roll their superannuation assets into a retail choice superannuation fund and then invest into First Guardian,” the regulator said.
“Some investors received advice to set up self-managed superannuation funds (SMSFs) to facilitate investments into First Guardian.”
In March, ASIC applied to the Federal Court for the appointment of liquidators to Falcon Capital, as well as the appointment of a receiver and manager to the personal property of one Anderson.
“ASIC is concerned about the management and operation of First Guardian and the associated risks to investors. Withdrawals from First Guardian have been suspended with limited exceptions since May 2024,” the corporate regulator said in March.
AUTHOR
Keith Ford
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