{"id":130002,"date":"2025-11-12T22:58:07","date_gmt":"2025-11-12T22:58:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/130002\/"},"modified":"2025-11-12T22:58:07","modified_gmt":"2025-11-12T22:58:07","slug":"more-players-involved-in-shield-first-guardian-collapses-face-asic-legal-action","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/130002\/","title":{"rendered":"More players involved in Shield, First Guardian collapses face ASIC legal action"},"content":{"rendered":"<p class=\"paragraph_paragraph__iYReA\">Australia&#8217;s corporate watchdog is suing Interprac \u2014 the licensee that oversaw financial planners \u2014 over alleged failures that led to the collapses of the Shield and First Guardian schemes.<\/p>\n<p class=\"paragraph_paragraph__iYReA\">The Australian Securities and Investments Commission (ASIC) is also suing ratings agency SQM Research, saying its &#8220;processes fell short of expected standards when it published &#8216;favourable&#8217; ratings for the Shield Master Fund&#8221;.<\/p>\n<p class=\"paragraph_paragraph__iYReA\">ASIC is also taking action against MWL Financial Services, former director Nicholas Maikousis, and lead generator Imperial Capital Group Australia over alleged Shield advice failures.<\/p>\n<p class=\"paragraph_paragraph__iYReA\">On the day ASIC unveiled its hit list for the year ahead, it said a key focus was prosecuting people involved in <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2025-09-19\/first-guardian-shield-collapse-asic-and-superannuation-flaws\/105783328\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/105783328\" rel=\"nofollow noopener\" target=\"_blank\">the collapses of the First Guardian and Shield schemes<\/a>, which led to people losing over $1 billion of their retirement savings.<\/p>\n<p class=\"paragraph_paragraph__iYReA\">ASIC said thousands of Australians were exposed to poor financial advice and significant risks from the Shield and First Guardian schemes through critical oversight and compliance failures by Interprac.<\/p>\n<p>Loading<\/p>\n","protected":false},"excerpt":{"rendered":"Australia&#8217;s corporate watchdog is suing Interprac \u2014 the licensee that oversaw financial planners \u2014 over alleged failures that&hellip;\n","protected":false},"author":2,"featured_media":72395,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[21972,114,25315,22004,81503,268,17896,22003,21970,85,81501,46,48594,81502,266,267,21971,21991,3187,3188,81499,81500],"class_list":["post-130002","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-asic","tag-business","tag-consumers","tag-corporate-crime","tag-court-action","tag-finance","tag-financial-crime","tag-financial-misconduct","tag-first-guardian","tag-il","tag-interprac","tag-israel","tag-legal-action","tag-mwl","tag-personal-finance","tag-personalfinance","tag-shield","tag-sqm-research","tag-super","tag-superannuation","tag-superannuation-collapses","tag-superannuation-scams"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/130002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=130002"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/130002\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/72395"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=130002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=130002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=130002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}