ASIC places travel restriction on First Guardian RE directors

The Federal Court has granted a travel restriction order against Falcon Capital Limited directors David Anderson and Simon Selimaj, as the responsible entity of the First Guardian Master Fund, following an application from ASIC.

The orders prohibit Anderson and Selimaj from leaving or attempting to leave Australia until 27 February 2026.

The Federal Court also made interim orders freezing the assets of Selimaj until 27 February 2026.

The order restrict Selimaj from removing his property from Australia; selling, charging, mortgaging, dealing with or disposing of property; incurring new liabilities; and withdrawing, transferring, disposing of or dealing with money held in bank accounts.

ASIC said it sought the orders to ensure Anderson and Selimaj remain in Australia to assist the regulator with its investigation and to preserve assets while ASIC's investigation continues.

ASIC is also seeking the appointment of a receiver and manager to the personal property of Selimaj. That application has been listed for a case management hearing on 22 July 2025.

The fresh orders come after proceedings have been continuing since May 2024, when First Guardian suspended the processing of applications and withdrawals from the fund subject to some limited exceptions. Since that time, the majority of investors have been unable to access their funds.

On 24 February 2025, the Federal Court made orders freezing the assets of Falcon, First Guardian and Anderson.

On 9 April 2025, the Federal Court appointed Ross Blakeley and Paul Harlond of FTI Consulting as liquidators of Falcon and ordered the liquidators to wind up Falcon, First Guardian and related unregistered subsidiary funds.

The Federal Court also ordered that Paul Allen of PKF Melbourne be appointed as receiver to the property of Anderson.

ASIC said its investigation of the circumstances surrounding First Guardian is continuing.