Regulatory Alerts2025-08-29
ASIC expands proceedings against Ferras Merhi over First Guardian and Shield superannuation advice
ASIC has obtained Federal Court leave to expand its existing legal proceedings against former financial adviser Ferras Merhi and associated entities to include allegations of unconscionable conduct and providing defective advice. The regulator alleges that Merhi directed approximately $526 million of client superannuation into the collapsed First Guardian and Shield Master Funds while receiving tens of millions in fees and marketing payments. If approved, the expanded action seeks injunctions prohibiting Merhi from financial services involvement, the appointment of receivers, and the winding up of his business entities.
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