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Melbourne financial advisor Ferras Merhi has appeared in Federal Court facing allegations from ASIC over a superannuation collapse that cost 12,000 Australians over $1 billion in life savings. ASIC alleges Merhi advised 6,000 clients to invest in two funds over three years, receiving almost $20 million in fees while victims lost $500 million in initial investments. Victims are calling for government intervention and better industry safeguards following the massive investment scheme collapse. Subscribe and set 🔔 » https://7news.link/YTSubscribe | For the latest Australian news and breaking news alerts, connect with 7NEWS online: Visit » https://7news.com.au 7Plus » https://7plus.com.au/ 7NEWS Podcast » https://open.spotify.com/user/dm9fk9h... Facebook » / 7newsaustralia TikTok » / 7newsaustralia Instagram » / 7newsaustralia X » https://x.com/7NewsAustralia 7NEWS combines the trusted and powerful news brands including Sunrise, The Morning Show, Spotlight and 7NEWS.com.au, delivering unique, engaging and continuous coverage on the issues that matter most to Australians. Watch 7 News Australia full broadcasts and full episodes at 6pm and weekdays at 12pm and 4pm on Channel 7 and 7plus. #BREAKINGNEWS #7NEWS