Victoria nurse Lisa Rogers, aged 63, moved half of her retirement savings to First Guardian Master Fund and Shield Master Fund in 2023, aiming to optimize her superannuation.

It turned out to be a costly decision.

Victims could wait years for their money

Rogers has lodged a complaint with the Australian Financial Complaints Authority (AFCA).

She and other complainants have been told it could take years for anything to be resolved.

However the liquidators of Shield Master told victims they may eventually receive 22c to 50c from every dollar invested.

“I am a little bit hopeful, but cautiously, I guess,” Rogers added.

She and thousands of other financial victims want answers and change, including stricter regulation of the superannuation industry.

“The layperson like myself thought that this is the safest way of accumulating some money for retirement,” Rogers explained.

“You’re under the impression that it’s heavily regulated by the government and that this sort of thing cannot occur.”

Roger said she may have to lean heavily on the pension to fund her retirement if she doesn’t claw back her missing $60,000.

She also suspects thousands more victims will need the pension now too.

“Then that increases the burden on the government,” Rogers said. “You’d think they would want to do something to eliminate that.”

A spokeswoman for Assistant Treasurer Daniel Mulino told 9news.com.au the federal government was concerned for investors.

“The government is dedicated to ensuring that investor interests are protected and that the regulatory framework overseeing the investment sector is fit for purpose,” stated the spokeswoman.

“ASIC has taken steps to commence enforcement and protect investors, including freezing assets and cancelling financial licences where appropriate.

“Since these cases are before the Federal Court and the subject of ongoing investigations by ASIC and the liquidators, offering further comments or assumptions would be inappropriate.”