The Australian Securities and Investments Commission (ASIC) has commenced civil penalty proceedings against former financial adviser Osama Saad.
The regulator alleges Mr Saad carried out schemes to avoid conflicted remuneration laws and contravened his best interest obligations when providing financial advice to hundreds of clients to invest their superannuation into the First Guardian Master Fund, which later collapsed.
ASIC alleges Mr Saad’s entities, Atlas Marketing and United Capital, were paid around $34 million by entities connected to the Shield Master Fund and First Guardian.
The Commission further alleges some of the money was used for Mr Saad’s personal benefit and for the benefit of individuals and entities associated with him.
ASIC also alleges some of the monies funded marketing and lead generation entities which referred thousands of clients to Venture Egg and Financial Services Group Australia. Those firms recommended clients invest their superannuation into Shield, First Guardian, or both.
The regulator claims that between February and December 2021, Mr Saad advised 217 retail clients to roll over more than $25 million of their superannuation into First Guardian.
ASIC alleges the advice was not in the clients’ best interests, was inappropriate, and that Mr Saad prioritised his own interests over his clients’ interests.
The regulator is seeking declarations, pecuniary penalties, orders restraining Mr Saad from providing financial services and disqualification from managing corporations.
The action against Mr Saad forms part of ASIC’s 2026 enforcement priority to hold to account those responsible for the collapse of First Guardian and Shield.
The ongoing investigations are among the largest and most complex ever undertaken by ASIC.
Mr Saad was an authorised representative of Interprac Financial Planning between 17 June 2016 and 31 December 2021 and provided financial advice to retail investors through Venture Egg.
In February 2025, following an application by ASIC, the Federal Court made interim orders freezing certain assets of Mr Saad.