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.
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.
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.
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:
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.
If you’re unsure whether your financial adviser acted inappropriately, look out for these common warning signs:
If any of this sounds familiar, you may have grounds to take legal action.
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:
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.
We offer a 'No Win, No Fee*' policy that means that if we don't win, you don't have to pay our legal fees.
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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