Collapsed super fund manager claims $200m was swiped for rooftop pools and supercars

The former operator of the collapsed Shield Master Fund is suing his builder for $200 million, alleging investor money that was intended for developments was used to buy flashy cars and high-end property.

Paul Chiodo’s private company, Chiodo Corporation, has launched action in the Supreme Court of Victoria against City Built and its Ferrari-driving founder Roberto “Robbie” Filippini and members of his immediate family to claw back the money.

Chiodo’s relationship with Filippini has been a key prong of the investigation into the collapse of the $500 million Shield Master Fund in 2024 which wiped out the superannuation savings of nearly 6000 people.

The corporate watchdog recently launched two separate legal actions against Chiodo: the first over the management of Shield and the second over allegations Chiodo raised money from investors to pay his legal fees after ASIC had taken action against him. Chiodo is vigorously defending both claims and has long denied any wrongdoing.

One of ASIC’s allegations in the Shield case is that Chiodo acted inappropriately when he directed more than $150 million of the fund’s money to apartment developments across Melbourne and in Far North Queensland.

After the collapse of the Shield fund , many of the developments were left partially completed before being sold to new developers by liquidators.

Now, Chiodo Corporation is alleging that Filippini’s company falsified timesheets and invoices to inflate the amount claimed for each project.

Chiodo said in a statement that he was surprised to discover the alleged excess payments to City Built.

“We directly approached the subcontractors, suppliers and City Built’s ex-staff members,” Chiodo said.

“We examined the original invoices and timesheets lodged by the subcontractors to City Built on the development projects, and the corresponding invoices lodged by City Built to Chiodo Corporation.

“The invoice amounts we received were much greater than the subcontractors’ invoices and timesheets.”

The claim lists Filippini’s companies as defendants as well as Filippini personally. It also names his wife and two young adult children as defendants because bank accounts under their name allegedly received funds.

While Filippini has been named repeatedly in ASIC’s action against Chiodo, the flashy builder has not personally been accused by the corporate watchdog of any wrongdoing, nor have any members of his family. Lawyers for Filippini declined to comment on the matter.

Liquidators to the Shield scheme operator are already suing Filippini, alleging he should pay back the money he received from Chiodo.