Exclusive: A former mining worker has been forced to reverse his retirement and become a truck driver after losing his entire nest egg in a devastating superannuation collapse.

Phil Mazitelli, 61, was about to live the good life travelling Australia in a caravan.

A cold-call two years ago which convinced him to swap his super has ruined those plans.

READ MORE: Perth woman's nightmare after discovering $147k super had been drained

Mazitelli had just finished a 30-year career in mining in Queensland's north and finally wanted to enjoy the fruits of his back-breaking labour.

"I turned 60, wanted to retire and spend a bit of money on myself," Mazitelli told 9news.com.au.

"In 2023 I was online and I saw this advertisement which said 'you can improve your super', I filled out a form and before I knew it I got a call."

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Victims of both collapses are demanding government action – and fast.

"The government needs to intervene now… to safeguard and watch every superannuation fund so that this doesn't happen to anyone else," Mazitelli said.

"We are all just normal and hardworking Australians who did nothing wrong."

Hundreds of victims have lodged complaints with The Australian Financial Complaints Authority (AFCA).

Mazitelli has contacted his local member Andrew Wilcox, the MP for Dawson in north Queensland, who said he will advocate on his behalf.

A Change.org petition has also been started to ask the government to establish a victims' trust.

ASIC's full statement

ASIC has an ongoing investigation in relation to First Guardian Master Fund and Falcon Capital. 

Following concerns raised by ASIC, the Federal Court appointed liquidators to Falcon Capital and ordered the wind-up of First Guardian and its related funds in April.

The court also restrained David Anderson, a director of Falcon, from dealing with his assets and appointed a receiver to his personal property.

ASIC's investigation suggests that potential consumers were called and referred to personal financial advice providers who advised consumers to roll their superannuation assets into a retail choice superannuation fund, and then to invest part or all of their superannuation into First Guardian.

While ASIC's investigation is ongoing, the Federal Court has made interim travel restraint orders against Falcon Capital director David Anderson on ASIC's application. The Court also made interim orders freezing the assets of another Falcon director, Simon Selimaj and restraining his travel.

Those orders are in place until 27 February 2026. We understand the circumstances surrounding First Guardian are distressing for those affected and it is one of ASIC's priorities to investigate what has happened and to preserve as much of investors' funds as possible while our investigation is continuing.

So far, ASIC has had more than 40 court appearances on matters related to First Guardian and Shield. We have taken a range of enforcement action with respect to these matters including:

• stop orders to prevent ongoing consumer harm,

• commencing court proceedings to preserve assets and restrict travel of persons of interest,

• appoint receivers and liquidators with the aim of securing investor funds

• executing numerous search warrants with the assistance of the Australian Federal Police.

• cancelled licences and banned certain financial advisers.

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