The Australian Securities and Investments Commission (ASIC) has expanded its investigation into the collapse of the Shield Master Fund, with the regulator continuing multiple probes into individuals and firms linked to the managed investment scheme.
Around 5,800 investors, many of whom invested their retirement savings, were exposed to the fund, which was operated by Keystone Asset Management before the company entered liquidation.
ASIC said it is investigating the scheme’s operators, financial advisers, lead generators, superannuation trustees, and the research house that rated the fund. The regulator has also taken court action to preserve Keystone’s remaining assets while it explores avenues to recover funds and potential compensation for affected investors.
The regulator has urged investors to register with the liquidators and consider lodging complaints with the Australian Financial Complaints Authority (AFCA) if they believe they received inappropriate financial advice or suffered losses through their superannuation arrangements.
ASIC has also funded consumer advocacy group Super Consumers Australia to provide information and support through a dedicated website for Shield investors.
Keystone Asset Management is being liquidated by Jason Tracy and Glen Kanevsky of Alvarez & Marsal, who have terminated the Shield Master Fund and are overseeing the recovery process.
ASIC said the matter overlaps with its investigation into the First Guardian Master Fund, with both cases involving some of the same individuals and companies. The regulator has also warned investors to remain alert to recovery scams and fake social media profiles targeting victims of the fund’s collapse.
