7NEWS Spotlight on Channel 7 and 7plus S5E18 Australia’s biggest superannuation disaster – Insider reveals how $1.2 billion of retirement savings vanished.
This Sunday at 8.25pm on Seven and 7plus, 7NEWS Spotlight uncovers the inside story of Australia’s largest-ever superannuation disaster – the collapse of the First Guardian and Shield Master Funds.
The numbers are staggering: more than 12,000 Australians’ super balances wiped, and their futures stolen, with losses totalling over $1 billion and a government regulator that may have been asleep on the job.
In this 7NEWS Spotlight investigation, reporter Michael Usher speaks to several victims left without a cent to retire on, and an insider who allegedly helped sell them the dream.
Financial adviser Ferras Merhi, who has been banned from travelling and has had his assets frozen by ASIC, told 7NEWS Spotlight:
“I don’t [sleep], it’s hard. It kills me every day that in one shape or form, I’ve been involved either directly or indirectly in support of this particular product.”
Michael Usher said:
“Thousands of Aussie investors were conned by these very sophisticated schemes. They did their own research, but they were duped, because at every level, these schemes appeared to be checked and verified by reputable advisers and regulators, who we’re meant to trust with our future.
“Australia should be outraged at this billion-dollar theft, which needs to be investigated at the highest levels. To lose every cent of your hard-earned retirement savings is beyond heartbreaking – it has ruined the lives of hard-working Australians.”
Also on 7NEWS Spotlight, guest reporter Sonia Kruger sits down with Sporty Spice, Melanie C, in London.
The former Spice Girl and The Voice Australia coach opens up on the comment that nearly broke her and how she almost missed out on the gig of a lifetime.
Now a mother and mentor, Melanie also shares how her daughter helped her reconnect with music, and the global movement that made her a household name.
7NEWS Spotlight: Australia’s super disaster – This Sunday at 8.25pm on Seven and 7plus
Media Release – Seven
TV Central Seven content HERE
7NEWS Spotlight on Channel 7 and 7plus S5E18 Australia’s biggest superannuation disaster