Thousands of First Guardian investors have received the devastating news that they may not be able to recover the millions of dollars they invested in the scheme that later collapsed.
Out of nearly half a billion lost in the collapse, liquidators have been able to recover about $8 million, but some $7 million has already gone in liquidation fees.
Corporate regulator ASIC is taking legal action against several players involved in marketing and running the schemes.
The liquidators of Falcon Capital, Ross Blakeley and Paul Harlon of FTI Consulting, said they still could not tell 6,000 First Guardian investors how much, if anything, they will get back from asset sales.
That is because most of the funds appear to have been channelled offshore.