Australians who saw their retirement savings vanish have issued a renewed plea for people to check their superannuation accounts, as new details emerge about the suburbs most affected by the collapse of two investment funds.
Investors caught up in the failures of First Guardian and Shield were dealt another setback last week, after it emerged the government-backed compensation scheme is facing a $170 million funding shortfall.
First Guardian and Shield Master collapsed in May 2024 with debts of about $1.2 billion, leaving more than 12,000 investors believed to be impacted.
However, just 3,343 people have so far filed complaints with the Australian Financial Complaints Authority in an effort to recover at least part of what they are owed.
Melinda Kee, a First Guardian victim who is now advocating for affected investors, warned that many people may still be unaware their nest egg has been wiped out.
‘The true scale of the crisis is likely far worse, with many people still unaware their retirement savings are either frozen or gone,’ she said.
‘Check your super. Tell your parents. Tell your friends. And if government agencies know where these investors are, they must stop waiting for them to stumble forward alone.’
The Australian Securities and Investments Commission has recently identified the 10 postcodes most severely affected by the fund collapses.
SOS Save Our Super advocate Melinda Kee has renewed warnings for Australians to check their superannuation accounts
The Melbourne suburbs of Cranbourne, Cranbourne East and Cranbourne North (3977), Werribee and Hoppers Crossing (3030), Truganina (3029) and Craigieburn (3064) have the highest number of victims.
Four Queensland postcodes were also listed – Mackay, Toowoomba, Bundaberg and Coomera/Pimpama.
Perth suburbs Armadale and Baldivis rounded out the top 10.
Ms Kee is now demanding local MPs in impacted electorates speak up and publicly warn potential victims.
Melbourne woman Susy Zjak, 54, has become ‘obsessed’ with urging everyone she knows to check their super after she lost almost $574,000.
After losing her Qantas job during the Covid pandemic, she switched her super to First Guardian after following advice from a financial advisor in 2022.
Her nest egg grew from $395,000 to $574,000 in just two years until First Guardian Master Fund’s sudden collapse in 2024.
The collapse left Ms Zjak with just several thousand in retirement savings.
Susy Zjak is ‘obsessed’ with telling everyone she knows to check their super after she lost almost $574,000
The cancer survivor has been unable to work and recoup her losses due to injury.
‘I don’t know what can be recovered, but I hope I get something back,’ Ms Zjak told Nine.
‘I wouldn’t wish anyone to go through what I went through.’
The Australian Securities and Investments Commission (ASIC) is conducting multiple investigations into the First Guardian fund.
ASIC alleges First Guardian director David Anderson, 46, siphoned millions of dollars from the fund into his personal ANZ bank account.
The regulator also alleges Anderson transferred $274million offshore after learning he was under investigation.
Before the fund collapsed, he purchased a $9million mansion in Melbourne’s Hawthorn.
Fellow director Simon Selimaj, 63, had a $548,000 Lamborghini Urus registered in his name, which ASIC alleges was bought using money from the fund.
None of the money allegedly transferred offshore has been recovered.
