Phil Mazitelli was getting ready to retire and travel Australia after 30 hard years in the mining industry when a single phone call shattered his lifelong dreams.

The 61-year-old is among more than 12,000 ordinary investors left devastated after three major superannuation schemes - First Guardian Master Fund, Shield Master Trust, and Australian Fiduciaries Limited - collapsed.

In 2023, Mr Mazitelli received a phone call encouraging him to swap his super after he saw an advertisement promising better returns and filled out an online form.

He transferred his money to Australian Practical Super, known as AusPrac.

A year later, he was getting ready to retire with what he thought was a healthy nest egg of just over $240,000, some of which he planned to spend on a caravan.

But when he tried to withdraw his super he couldn't access any of it.

'Then I saw that First Guardian had gone into liquidation and my money had been frozen,' Mr Mazitelli said.

He is one of 6,000 Aussies who are missing some or all of their superannuation after the collapse of First Guardian Master Trust, which went into liquidation and is under investigation by corporate regulator ASIC.

Former mining worker Phil Mazitelli (pictured) has been forced to become a truck driver after he lost his $240,000 nest egg following the collapse of First Guardian Master Trust

ASIC is investigating First Guardian and its responsible entity, Falcon Capital.

AusPrac is operated by parent company Sequoia Financial Group, with Diversa is the trustee for AusPrac.

Diversa sent a statement to its members saying it understood those who had invested in a First Guardian Master Fund may be experiencing 'stress, anxiety and feelings of uncertainty in response to significant financial losses'.

Mr Mazitelli has been trying for the past year to get some of his super back, but faces another decade of working before he can retire.

He is now working as a truck driver.

'If I make it to 70, that's probably how long I'll be working,' he said.

'At my age I shouldn't cry but I do, I am angry a lot... now it's just each day wondering and hoping for a resolution.'

Canberra couple Simon Luck, 61, and Annette, 56, had been planning to use their super to pay off their house in coming years before visiting relatives in The Netherlands and the UK.

Mr Mazitelli (pictured) says he'll have to work for another 10 years after losing his super

We were about to retire and travel the world... now we're broke and may have to live in a CARAVAN

But they are now contemplating selling their mortgaged house and living in a caravan after losing $340,000 from the collapsed First Guardian Master Fund.

'Absolutely gutted,' Mr Luck told Daily Mail. 'We'll be able to survive but it just means that all our plans for European travel and all that sort of stuff, we'll just become homebodies I guess.'

Experts warn failed schemes are just the tip of the iceberg in Australia's $4.2trillion superannuation system - where loopholes still put your retirement at risk.

Australia's superannuation savings are one of the nation's most valuable assets. The national pool of retirement savings is worth more than $4.2trillion, second only to the $11trillion value of residential property.

Mr Mazitelli has called on the government to intervene to help 'safeguard' the super funds of all Australians.

He has contacted his local member, the MP for Dawson in north Queensland, Andrew Wilcox, who has agreed to advocate on his behalf.

Close to $1.2billion worth of super has conservatively been lost through failed schemes, now all in liquidation after legal action from the Australian Securities and Investments Commission.

So far, ASIC has had more than 40 court appearances on matters related to First Guardian and Shield.

Canberra couple Simon Luck, 61, and Annette, 56, stand to lose $340,000 from the collapsed First Guardian Master Fund. They are now contemplating selling their mortgaged house

The mega waterfront mansion and luxury life a super fund manager accused of spending YOUR money on

'Following concerns raised by ASIC, the Federal Court appointed liquidators to Falcon Capital and ordered the wind-up of First Guardian and its related funds in April,' an ASIC statement read.

'The court also restrained David Anderson, a director of Falcon, from dealing with his assets and appointed a receiver to his personal property.'

ASIC's investigation found that potential customers were referred to personal financial advice providers who advised them to roll their super assets into a retail choice superannuation fund, and then to invest part or all of their super into First Guardian.

'While ASIC's investigation is ongoing, the Federal Court has made interim travel restraint orders against Falcon Capital director David Anderson on ASIC's application. The Court also made interim orders freezing the assets of another Falcon director, Simon Selimaj, and restraining his travel,' ASIC said.

Meanwhile, Venture Egg and Financial Services Group Australia's Ferras Merhi appeared in the Federal Court on Monday amid legal action being taken by ASIC.

Between 2020 and 2024, it's alleged his businesses received close to $40million in payments while advising clients to invest around $296million into First Guardian and around $230million into Shield.

The court heard Mr Merhi would seek the court's permission to be excused from answering questions as part of the investigation.

Daily Mail has contacted Mr Mazzitelli for comment.

Phil was preparing to retire before one phone call ruined everything