Following an Australian Securities and Investments Commission (ASIC) application, the Federal Court has made orders freezing the assets of Rashid Alshakshir, director of Lion & Horn Pty Ltd, Nohap Pty Ltd and Indigo Group Pty Ltd, all of which are in liquidation.
ASIC said it is investigating Alshakshir and “various entities associated with him in relation to the provision of marketing services (including lead generation) and the payment for those services”, in connection with its investigations into the Shield Master Fund and the First Guardian Master Fund.
The regulator added that the investigations are ongoing and the court made the orders with Alshakshir’s consent. The orders are in place until further order.
On 20 January 2025, ASIC sought travel restriction orders against Alshakshir. While ASIC obtained temporary ex parte travel restriction orders, the court subsequently dismissed ASIC’s application for interim travel orders on 22 January 2025.
It is the latest in a string of asset freezings on the back of ASIC applications.
Last month, the Federal Court made interim orders freezing certain assets of financial adviser Ferras Merhi in connection with its investigations concerning certain managed investment schemes, including First Guardian.
Merhi controls Venture Egg Financial Services, and both he and Venture Egg are authorised representatives of Interprac Financial Planning. He also controls Financial Services Group Australia, which also holds an AFSL.
On the same day, the Federal Court also made interim orders freezing certain assets of Osama Saad, former director of Aus Super Compare and Atlas Marketing, both of which are now in liquidation, which also had connections with First Guardian.
On Monday, the regulator applied to the Federal Court for the appointment of liquidators to Falcon Capital, the responsible entity for the First Guardian Master Fund, and for orders directing the liquidators to wind up First Guardian.
ASIC is also seeking the appointment of a receiver and manager to the personal property of one of Falcon’s directors, David Anderson.
In February, ASIC sought for the assets of Falcon, First Guardian and Anderson to be frozen, with the court making orders to that effect on 24 February.
“ASIC is concerned about the management and operation of First Guardian and the associated risks to investors. Withdrawals from First Guardian have been suspended with limited exceptions since May 2024,” ASIC said on Monday.
