Anderson Grilled Over First Guardian Collapse
Update: 2025-12-22
Description
David Anderson, founder of the collapsed First Guardian superannuation fund, faced tough questions in court over missing records and sloppy bookkeeping, including personal loans and bonus payments to himself. The funds failure wiped out $500 million in savings for nearly 6,000 Australians. Anderson admitted to inadequate record-keeping and claimed they were working on better policies since 2022. New details emerged about Falcon Capital, which managed the fund, charging fees on an ad hoc basis and Anderson taking residuals from profits instead of a salary. Anderson also confirmed a long, rocky business tie to Paul Chiodo, whose Shield Master Fund is also in liquidation. Liquidators continue investigating these pet projects and payouts.
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