Ex-Fund Chief's $111k Hermès Splurge Amidst Investor Ruin

Simon Selimaj, former chief investment officer for First Guardian Master Fund, admitted to spending $111,445 on a crocodile-skin Hermès handbag in November 2024. This occurred just months after the fund's collapse in May 2024, which left approximately 12,000 investors, including 6,000 Australians, locked out of their retirement savings. The First Guardian and Shield Master Fund collapsed owing about $1.2 billion.

Further extravagant spending by Mr. Selimaj included a $41,000 Birkin handbag gifted to his former partner in early 2024. In total, he allegedly spent $374,000 at Hermès between 2022 and 2025. Allegations also surfaced regarding a $548,000 Lamborghini Urus registered in his name, reportedly purchased with fund money.

Court proceedings revealed hundreds of thousands of dollars were channeled to his son, Ferris Sallka, in early 2025, with claims these funds were owed by First Guardian. Over $800,000 was also sent to his former partner in three months, used in part to clear her loans. Mr. Selimaj now claims to be broke and seeks permission to sell burial plots for legal fees.

First Guardian and its responsible entity, Falcon Capital, are under investigation. Director David Anderson is accused of siphoning $5.6 million and moving $274 million overseas. Mr. Selimaj blames Mr. Anderson for the fund's demise, claiming he is personally owed $2.1 million.