The Federal Court has imposed interim travel bans on Falcon Capital Limited directors David Anderson and Simon Selimaj and ordered a freeze on Mr Selimaj’s assets, as the corporate regulator continues its investigation into the collapse of the First Guardian Master Fund.
The court orders, made on 26 June 2025, prevent both men from leaving Australia until 27 February 2026. Mr Selimaj is also subject to asset preservation orders to the same date, restricting him from moving property out of Australia, disposing of or dealing with assets, taking on new liabilities, or accessing funds in bank accounts.
ASIC sought the orders to ensure the directors remain available to assist its inquiry and to safeguard assets while its investigation continues.
The regulator is also pursuing the appointment of a receiver and manager to Mr Selimaj’s personal property. After an initial case management listing on 22 July 2025 and a subsequent listing for 21 August 2025, the Federal Court on 22 August 2025 appointed a receiver and manager to his personal property and dismissed Mr Selimaj’s bid to set aside the June travel restraint and asset preservation orders. Mr Selimaj had lodged that application on 7 August 2025.
The actions follow mounting intervention over First Guardian. In May 2024, Falcon, as responsible entity for the fund, halted most applications and withdrawals, leaving the majority of investors unable to access their money. On 24 February 2025, the Federal Court froze the assets of Falcon, First Guardian and Mr Anderson. On 9 April 2025, the court appointed Ross Blakeley and Paul Harlond of FTI Consulting as liquidators of Falcon and ordered the wind-up of Falcon, First Guardian and related unregistered subsidiary funds. Paul Allen of PKF Melbourne was appointed receiver to Mr Anderson’s property.
ASIC’s investigation into the circumstances surrounding First Guardian is ongoing. The regulator is providing updates on a dedicated page on its website.
