The collapse of the $590 million investment fund, First Guardian Master Fund, has wiped out the superannuation savings of about 6,000 Australians. Its director is being accused in the Federal Court of using millions of dollars from the fund for personal purposes, including pouring cash into failed property developments, craft breweries and even paying his mortgage. $45 million was also paid to to financial advisers and marketers to promote the fund, according to ASIC. Investors have been told it's unlikely they'LL see a cent of their retirement savings. #ABCBusiness
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