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In summary:

The Federal Court has frozen the assets of a Melbourne-based financial adviser trading as Venture Egg, amid allegations of misusing client funds and giving unlicensed financial advice. 

Venture Egg was linked to Interprac Financial Planning, which is still a member of AFCA, allowing affected clients to lodge complaints. Some were advised to move their super into risky products like the ‘First Guardian Shield Master Fund’. 

If you’ve suffered financial loss, you may be entitled to compensation, but you need to act quickly.


What’s the situation?

The Federal Court has recently intervened to freeze the assets of a Melbourne-based financial adviser operating under the name Venture Egg. This action follows serious allegations by ASIC, Australia’s corporate watchdog, that the adviser misused client funds and operated without the proper financial services licence.

Venture Egg was acting as an authorised representative of Interprac Financial Planning Pty Ltd at the time the alleged conduct occurred.

Importantly, Interprac is still listed as a current member of the Australian Financial Complaints Authority (AFCA). This gives affected clients a valuable, but potentially time-limited, opportunity to lodge a formal complaint and seek compensation through AFCA. Once a financial firm ceases to be a member, AFCA can no longer investigate or take action against it. 

That’s why it’s essential to act quickly if you believe you’ve been impacted.


Why does this matter?

Investigators have revealed that Venture Egg advised clients to switch their superannuation into questionable investment products, including the First Guardian Shield Master Fund, which is now also under investigation.

In one reported case, a client had nearly $100,000 of their superannuation invested in this fund, which was subsequently frozen by regulators. The advice was often delivered after unsolicited cold calls and high-pressure sales tactics, with clients being promised unrealistically high returns and no explanation of the associated risks.

What are the options?

If you’ve suffered financial loss due to advice or conduct by Venture Egg or Interprac, you may be eligible to lodge a complaint with AFCA. If AFCA finds in your favour but the firm is unable to pay compensation, you may be able to access the government’s Compensation Scheme of Last Resort.

If you’ve suffered financial loss due to the conduct of Venture Egg or Interprac, you may be entitled to compensation. Here are your options:

  1. Lodge a complaint with AFCA:
    You may be eligible to lodge a complaint through AFCA. If they rule in your favour and it’s recognised that the advice you received was inappropriate or unlawful, you may be awarded compensation.
    Please note: AFCA only accepts complaints against current members. Interprac’s status could change, so it's important to act promptly.

  2. Access the Compensation Scheme of Last Resort:
    If your adviser or their licensee is unable to pay the compensation awarded by AFCA, you may be eligible to claim through the government’s Compensation Scheme of Last Resort, which is a safety net for unpaid awards.
     

What is the Government Compensation Scheme?

The Compensation Scheme of Last Resort is a government initiative designed to protect consumers who have been awarded compensation through AFCA but haven’t received payment. However, the scheme has strict eligibility requirements and financial limits, which can make the process complex.

Red flags to watch out for

If you’re unsure whether your financial adviser acted inappropriately, look out for these common warning signs:

  • Unsolicited cold calls about your super or investments
  • Pressure to act quickly or invest on the spot
  • Recommendations to switch your super fund without clear justification
  • Lack of transparency about fees, risks, or product details
  • Advice that doesn’t reflect your personal financial goals or situation

If any of this sounds familiar, you may have grounds to take legal action.

How Maurice Blackburn can help

We’ve helped thousands of Australians recover compensation for losses caused by negligent or misleading financial advice. Our experienced legal team understands the complexities of:

  • AFSL structures
  • Authorised representative relationships
  • The AFCA complaints process
  • The Compensation Scheme of Last Resort

We’re currently assisting clients impacted by similar financial collapses, including Dixon Advisory and the Shield Master Fund.

If you believe you’ve been affected by Venture Egg or Interprac Financial Planning Pty Ltd, our experienced financial services dispute team will assess your situation and eligibility for AFCA and government compensation scheme claims, carefully guide you through the process and help you recover what you’re entitled to.

Time limits may apply, and AFCA membership status can change. We’re here to help you understand your rights and take the next steps if you've been affected. Contact us today.

Our financial services dispute work

If you've received bad financial advice, we are here to help. Our specialist lawyers have helped our clients recover millions of dollars from negligent financial advisors. Find out if you have a claim today. 

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We are here to help. Give us a call, request a call back or use our free claim check tool to get in touch with our friendly legal team. With local knowledge and a national network of experts, we have the experience you can count on. 

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