When nearly six thousand Australians opened their retirement accounts in 2024, they found them emptied — casualties of a half-billion-dollar collapse that is now unravelling through cascading lawsuits. Paul Chiodo, the former operator of Shield Master Fund, has turned to the courts to place blame on builder Roberto Filippini, alleging that funds entrusted for apartment developments were instead channelled into Ferraris, Lamborghinis, and multimillion-dollar properties. The legal action is one thread in a larger knot: ASIC pursues Chiodo, liquidators pursue Filippini, and somewhere beneath the
Collapsed super fund manager sues builder over $200m in alleged misappropriated investor funds
Nearly 6,000 superannuation members lost their retirement savings when Shield Master Fund collapsed in 2024.