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Cafe Owner's Lucrative Side Hustle Caught in Stormy Investment Probe

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INVESTMENT,PROPERTY DEVELOPMENT,AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Rashid Alshakshir, co-owner of the popular Tickled Pink cafe chain, earned $35 million in 18 months providing investment leads to property developer Paul Chiodo. Chiodo's massive investment schemes are now under scrutiny, with ASIC investigating improper fund management and potential misuse of investors' funds.

Melbourne cafe owner Rashid Alshakshir, known for his successful cafe chain, has been involved in a lucrative business venture with property developer Paul Chiodo. Alshakshir earned $35 million in 18 months providing investment leads to Chiodo, who managed the $480 million Shield Master Fund and a $1 billion development pipeline of luxury resorts.

However, the venture has been overshadowed by an investigation by the Australian Securities and Investments Commission (ASIC) into Chiodo's dealings and the investments of the Shield Master Fund. The investigation has frozen the fund, trapping the life savings of 6000 Australians. ASIC is reviewing the relationship between Alshakshir and Chiodo, as well as the payments made to 16 lead generators who collectively earned $65 million for marketing services

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Cafe Owner's $35 Million Side Hustle Caught in Investment ProbeRashid Alshakshir, co-owner of the trendy Tickled Pink cafe chain, earned $35 million in 18 months providing investment leads to property developer Paul Chiodo. However, Chiodo's management of the $480 million Shield Master Fund is now under investigation by ASIC, with concerns that investor funds were improperly directed to Chiodo's own property development business.
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Cafe Supremo Caught Up in Probe of Frozen Investment FundRashid Alshakshir, a Melbourne cafe owner, earned $35 million in 18 months by providing investment leads to Paul Chiodo. Chiodo's $480 million investment fund is now frozen, trapping the life savings of 6,000 Australians. The corporate watchdog is investigating Chiodo and the fund's investments, including Alshakshir's role.
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