The Australian Securities and Investments Commission (ASIC) has obtained interim orders freezing the assets of Falcon Capital Limited, the First Guardian Master Fund and David Anderson.

Falcon is the responsible entity for First Guardian and David Anderson is a director of Falcon.

ASIC sought the orders to help protect investor funds while an investigation is continuing.

The Federal Court orders restrain Falcon and Mr Anderson from:

• removing their property (including the property of First Guardian) from Australia,
• selling, charging, mortgaging, encumbering or otherwise dealing with, disposing of and/or diminishing the value of that property,
• incurring new liabilities, and
• withdrawing, transferring, disposing of or dealing with money held in bank accounts in which Falcon or Mr Anderson have an interest.

The orders are subject to some limited exceptions, including to allow for the transfer of specific property of First Guardian under an existing sale agreement entered into by Falcon.

A further Court hearing is listed to take place on 14 March 2025.

First Guardian is a registered managed investment scheme. Falcon suspended the processing of applications and withdrawals from First Guardian on 27 May 2024 subject to some limited exceptions.