ASIC freezes assets of Venture Egg’s Ferras Merhi
The Australian Securities and Investments Commission’s (ASIC’s) investigation into the Shield Master Fund has taken another turn with the regulator successfully having the Federal Court freeze the assets of Melbourne financial adviser, Ferras Merhi of Venture Egg and FSGA.
The regulator also announced it had frozen the assets of Osama Sadd, a former director of Aus SUper Compare Ltd and Atlas Marketing, another entity associated with the Shield Master Fund.
ASIC announced that following an application made by ASIC, the Federal Court has made interim orders freezing certain assets of Ferras Merhi.
The statement said ASIC is investigating Merhi and various entities associated with him, in connection with its investigations concerning certain managed investment schemes including the Shield Master Fund.
It said the investigations are ongoing.
ASIC said it is investigating Saad, and various entities associated with him, in connection with its investigations concerning certain managed investment schemes including the Shield Master Fund. These investigations are ongoing.
Can’t believe this stuff still happens.
Ferras Mehri of Venture Egg is authorised by Interprac, which is part of the Sequoia group. The issues with venture Egg and the Shield Master Fund, including cold calling and super switching, was raised by the ABC in July 2024. They have been mentioned multiple times in the media since and by ASIC since then. Despite all of this, Ferras Mehri is still an AR of Interprac. Whilst I believe in due process, I also subscribe to the view that, where there is smoke, there is fire. I am left shaking my head on this one. Is this going to end up with the CSLR?
https://www.abc.net.au/news/2024-07-25/asic-investigating-cold-callers-offering-super-reviews/104090192
How do Interprac stand for this. We need to step up as an industry