A nurse who found herself entangled in the First Guardian Master Fund superannuation scandal now faces a grim reality, unable to rise from bed as her retirement plans lie in ruins. This devastating financial debacle has left her dreams shattered, with a personal loss amounting to $560,000.

Back in May 2024, both First Guardian and Shield Master collapsed under a mountain of debt, leaving a staggering $1.2 billion unpaid. The downfall ensnared more than 12,000 investors, each grappling with the fallout of their lost savings. Investigations have since unearthed troubling details, revealing that substantial sums, including $242 million, were channeled into questionable overseas investments.

Among the hardest hit are everyday Australians like Caroline Grey, a 64-year-old mental health nurse from Sydney, and her husband, Michael Johnson, 61. The scale of the financial betrayal has left a profound impact on their lives.

In a heartfelt conversation with the Daily Mail, Caroline described the situation, saying, “This wasn’t just any scam—it was theft on a grand scale.” She emphasized that this financial catastrophe has not only affected a handful but has profoundly impacted up to 12,000 people. “We are all Australian citizens who have dutifully paid our taxes, people just like Mick and myself,” she lamented.

‘This was not an everyday scam – it was theft on a massive scale,’ the mother-of-three told the Daily Mail this week. 

‘This is a financial disaster affecting not just one or two people, but up to 12,000 people, Australian citizens, who’ve paid their taxes, who are just like me and Mick.

‘My future’s been stolen.

‘I’m a normal everyday person. I pay my tax. I have always followed the rules. I care about the community. I work hard to provide for my family and for my own future.’

The collapse of First Guardian Master Fund has devastated everyday Aussies like Sydney mental health nurse Caroline Grey, 64, and her husband Michael Johnson

Six years ago in 2020, Mr Johnson spotted a Facebook ad suggesting he check the value of his superannuation funds.

The couple had a Zoom meeting with the now-collapsed financial advice firm United Global Capital (UGC) which gave them tips to improve their super. 

The couple decided to combine their savings into a self-managed super fund totalling $560,000, which they later invested in First Guardian.

‘I didn’t do anything stupid or wrong and [the ordeal] could happen to anybody,’ Ms Grey said, adding she had researched UGC and done her due diligence.

‘They had no red flags. I could see nothing on ASIC about them, no complaints. There were plenty of positive reviews about them… and they had been around a long time.’

Mr Johnson added First Guardian did not promise them ‘outrageous returns, just a little bit more than the ones we were in’.

However, cracks began to show when UGC went into administration in July 2024. The couple said no flags were raised about First Guardian at the time.

One year after they registered with a new financial adviser, the couple discovered their $560,000 in savings had been frozen by the fund. 

First Guardian director David Anderson is pictured strolling in a coastal town on Phillip Island in September 2025 while the financial scandal rolled on

The fund was placed into liquidation in March 2025 after the Australian Securities and Investments Commission (ASIC) obtained a Federal Court order to freeze its assets.

The couple said they first discovered their funds had been frozen in September, finding out about the news themselves and not from their financial adviser. 

‘It was a terrible shock. I wake up every day thinking, “Am I going to be able to get out of bed today? I’ve got to go to work.” It’s hard,’ Ms Grey said.

While she had hoped to work part time from 2027 and retire by the age of 70, those plans have been put on hold. 

‘Our mortgage isn’t going to be able to be paid by one wage. So the reality for me is I can’t work part-time,’ she said.

‘We could sell our home and downsize. At the moment, our son is living with us while he’s saving, and it leaves us with a lot of things up in the air. 

‘We are having to rethink what our retirement is going to look like – certainly not like what we worked for over 45 years.’

FTI Consulting, the liquidator of First Guardian and its parent company Falcon Capital, has previously estimated retirement savers are still owed $446 million.

Canberra couple Simon and Annette Luck lost $340,000 to the First Guardian Master Fund

FTI Consulting, the liquidator of First Guardian and its parent company Falcon Capital, has estimated retirement savers are still owed $446million (David Anderson is pictured)

It told creditors last year that the fund had paid $40 million to a Venture Egg entity called Cornerstone Strategic Management, along with Atlas Marketing and Indigo Group, now all in liquidation, between August 2021 and February 2024.

The creditors’ report also revealed Falcon Capital director Simon Selimaj had spent $548,000 from other people’s retirement savings on a Lamborghini Urus SUV.

The fund also sent $242 million offshore, almost half of the $505 million fund.

Victims were enraged when it was revealed director David Anderson had bought a $9 million mansion on Melbourne’s Yarra River in December 2020. 

‘What I want is justice. I want to be made whole,’ Mr Johnson said. 

‘I want other people affected to be made whole and for the government to make enforcing the financial regulations work.

‘I want the government to pay it because I relied on their financial regulation, both the superannuation regulations and the financial regulations.’ 

Victims were enraged when it was revealed Mr Anderson had bought a $9million mansion on Melbourne’s Yarra River in December 2020

Ms Grey said that the couple have resolved never to use the word ‘scam’ due to the scale of the damage. 

‘It was a financial fraud that was conducted by professionals who were licensed under ASIC regulations. And it went for years, not just overnight,’ she said.

‘I want the government to use ‘Pay now, recover later’. This is a financial disaster.

‘How is this different to someone building a house in a flood zone, and then being impacted by a natural disaster, and the government will step in and help. 

‘What about us victims? What about the people who have already retired who now have no money?’

Ms Grey urged Australians to check their superannuation fund as soon as possible.

‘It is believed that many don’t know,’ she said.

‘The time to lodge complaints is limited especially with [financial advisers who] have had their licences suspended or revoked. 

‘For example, anyone like us, who were funnelled into First Guardian by UGC only have until the end of March 2026 to lodge a complaint to [the Australian Financial Complaints Authority].