Property developer Paul Chiodo faces investigation by ASIC for alleged fund misdirection between Shield Master Fund and Advantage Diversified Property Fund.

Property developer Paul Chiodo faces investigation by Australian Securities and Investments Commission (ASIC) over allegations of misdirecting funds from Shield Master Fund to Advantage Diversified Property Fund (ADPF). ASIC has frozen the fund since February, causing disruption to Keystone-funded projects and multiple legal challenges for Chiodo Corporation's developments, which are facing trouble in obtaining planning permits. The investigation also casts doubt on the security of mortgages the fund invested in.