ASIC obtains freezing orders related to Shield investigation
For a second successive day, the Australian Securities and Investments Commission (ASIC) has moved against Managed Investment Schemes, this time obtaining Federal Court orders freezing the assets of Rashid Alshakshir, director of Lion & Horn Pty Ltd (in liquidation), Nohap Pty Ltd (in liquidation) and Indigo Group Pty Ltd (in liquidation).
ASIC said it is investigating Alshakshir and various entities associated with him in relation to the provision of marketing services (including lead generation) and the payment for those services, in connection with its investigations into the Shield Master Fund (Shield) and the First Guardian Master Fund (First Guardian).
It said these investigations are ongoing.
The Court made the orders with Mr Alshakshir’s consent. The orders are in place until further order.
ASIC noted that on 20 January 2025, it sought travel restriction orders against Alshakshir. While ASIC obtained temporary ex parte travel restriction orders against Mr Alshakshir, the Court subsequently dismissed ASIC’s application for interim travel orders on 22 January 2025.
Took a while but here we are. I hope ASIC understands this is not advice failure or product failure but outright theft by criminals who should go to jail. All this money stolen cannot be passed on to advisers under the CSLR. It needs to be taken from the licensees who should have supervised these greedy people but instead, collected money as improved profits.