Freezing orders, travel restraints imposed on First Guardian
The Australian Securities and Investments Commission has secured Federal Court orders imposing travel restraints and an asset freeze related to First Guardian.
The regulator said that following an application made today interim travel restraint orders had been made against Falcon Capital Limited and its directors David Anderson and Simon Selimaj.
The orders prohibit Anderson and Selimaj from leaving or attempting to leave Australia until 27 February, next year.
The Federal Court also made interim orders freezing the assets of Selimaj until 27 February 2026. The Federal Court orders restrain Mr Selimaj 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.
ASIC said it sought the orders to ensure Anderson and Selimaj remain in Australia to assist ASIC with its investigation and to preserve assets while ASIC’s investigation is continuing.
ASIC 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 Capital Limited (Falcon), the responsible entity for the First Guardian Master Fund (First Guardian), suspended the processing of applications and withdrawals from First Guardian subject to some limited exceptions. Since that time, the majority of investors have been unable to access their funds.
Are ASIC actually doing their job in real time in this case?
Are ASIC actually awake to the real world for a change?
Maybe they are almost learning and getting some heat from the Dixons fiasco.
If ASIC was not so adversarial in their approach to working with Advisers this would never had happened. I’m 100% confident of that.
Yet here we are now all going to pay for this failure, not to mention poor investors.
I’ve attempted to reach out to ASIC in 2023 and several other Advisers also but it’s such a complex process, ASIC staff don’t care and us Advisers are more worried about being banned for the spelling mistake in a Fee Disclosure Statement from 2019. If that’s me, than how many other Advisers would have similar experiences?
Great job ASIC.