‘The carrot was dangled’: Jimmy wanted more money for retirement. That decision cost him $252,000

Exclusive: Jimmy Chenoweth is missing $252,000 in superannuation after becoming entangled in Australia’s “forgotten” investment scheme collapse.

The South Australian grandfather’s tale of financial despair started with a simple Google search.

Chenoweth, 56, entered his details into an online super comparison site in 2021, hoping to find a different home for his modest nest egg.

“I was very unhappy with my fund at the time. I didn’t feel like I was getting the return I wanted,” Chenoweth told nine.com.au.

“I  went online to compare my super, which I thought was just another one of those sites, like comparing your electricity.”

The cold call arrived within minutes.

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Chenoweth said it was like speaking with a smooth-talking car salesman, not a financial planner.

“He was promising returns, probably I'd say almost double of what I was currently getting,” he recalled.

“At the time, I was looking at my super, going, ‘Oh my God, I'm not going to have enough retirement. I need to do something’. 

“The carrot was dangled.”

His money was eventually transferred into Global Diversified Alpha Fund, an investment scheme managed by Australian Fiduciaries Limited (AFL), a Queensland-based financial services licensee and the fund’s responsible entity.

The Australian Securities Investment Commission (ASIC), one of Australia’s financial watchdogs, has an ongoing investigation into AFL and numerous related entities.

For several years, it seemed as though Chenoweth’s money was growing.

There was a $10,000 boost in 2024.

That gravy train soon ended.

AFL entered liquidation in August 2025, taking $160 million in retirement savings with it.

Nearly 600 Australian investors were caught up in the complicated collapse, including Chenoweth.

Chenoweth believes he wasn’t warned enough of the high-risk, high-return method.

“I’m not a risk-taker. I never have been... not with money,” he said.

“If I even thought that I would lose a portion of my super or go backwards, there is absolutely no way I would have gone with it.”

When Chenoweth learned of the liquidation, he emailed his accountant asking if his super was now missing.

“It doesn’t look good,” his accountant responded, in an email seen by nine.com.au.

He is still unsure where his money actually is.

Chenoweth’s $252,000 nest egg now hangs in the balance, with no guarantee of recovery.

“There are so many of us with the best of intentions of actually having a better retirement now left with nothing.” 

He has struggled with his mental health since learning about the superannuation disaster.

“I’ve got to work now until I’m basically carried off in a box,” Chenoweth said.

“It doesn’t leave me… I try to get on with my life but my wife and I aren't wealthy. 

“It's an ongoing struggle.”

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Small ray of hope for impacted investors

AFL failed around the same time as the twin First Guardian and Master Shield wipeout, which saw close to 12,000 Aussies lose $1.1 billion.

Chenoweth said the attention given to First Guardian and Master Shield made him and other AFL investors feel left behind.

The blows kept on coming when he was told his complaint with the Australian Financial Complaints Authority (AFCA) could not progress because APT Strategies, the relevant licensee for AFL, was deregistered by the Australian Securities and Investments Commission (ASIC) in January 2025.

But in a small ray of hope for investors in AFL, ACFA announced on Thursday it has now officially reinstated APT as a member, meaning impacted investors can now submit complaints.

However, the liquidation means it is unlikely victims of the collapse will be refunded their full investment.

A ruling from AFCA under this scheme is expected to result in a determination from the Compensation Scheme of Last Resort (CSLR), which can pay up to $150,000 to consumers when a company is liquidated and compensation pathways are exhausted.

Many of the 600 AFL investors, like Chenoweth, lost far more than $150,000.

“At least it would be something,” he said

“Because I’ve lost it all… anything from here is a bonus.”

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