David Anderson admitted poor record keeping at collapsed First Guardian fund, which lost $500M in member savings.

David Anderson, founder of the collapsed First Guardian superannuation fund, admitted in Federal Court that the fund had poor record keeping, with no proper documentation for major payments, including those to himself. A noted message attributed to Anderson, “DA says it doesn’t matter, you can just do what you want with it – LOL,” highlighted weak oversight. He confirmed no formal agreement with the fund’s manager, Falcon Capital, and that fees and payments were ad hoc. Anderson, paid through investment residuals and informal bonuses, denied wrongdoing despite allegations from ASIC and liquidators that fund money was misused for personal ventures. He also acknowledged a long-standing business link with Paul Chiodo, manager of another fund under investigation. The fund’s collapse in April 2025 wiped out nearly $500 million in savings for about 6,000 members.