Nassim Khadem

They'd taken it out of upper regulated superannuation funds.

that you and I mostly put our money in and moved it across to these managed investment schemes, which are less regulated.

Now, there is regulation from ASIC over these funds, but it's often in hindsight.

And so there was a lot of criticism of ASIC and of Joe Longo as its boss of why did you take so long to act?

Why did you not act sooner?

Now, ASIC has really gone hard in the past year against these two funds.

So today we've seen them launch another case against superannuation platform equity trustees.

Exactly.

The net's widening.

It's already gone after a number of other superannuation platforms and also equity trustees.

So today was about First Guardian Investors.

The last case against equity trustees was in relation to Shield Investors.

It's got 26 active investigations going.

It's so far paid out $420 million to investors, thanks to settlements with two of the platforms, Macquarie and NetWealth.

But there's a lot more to unfold on this.

And another interesting thing that's happened is Interprac, which was one of the licensees.

So they're the ones that licensed the financial planners to be able to give advice.

And those financial planners were luring people over to

to invest their money in these schemes.

Now, Interpac's actually gone to court and it's stopping that one of the investors, so she, her name's Melinda Key and I've reported on her before.