\u2018DA [David Anderson] says it doesn\u2019t matter, you can just do what you want with it \u2013 LOL\u2019<\/p>\n
Staff message in First Guardian\u2019s books and records<\/p>\n
The watchdog and liquidators to Falcon Capital allege that Anderson mismanaged the superannuation fund, and spent large sums of its money on his pet projects including hospitality ventures and large payments to the promoters of the fund<\/a>.<\/p>\n Anderson has long denied any wrongdoing and has claimed, through his legal team, that the Australian Securities and Investments Commission (ASIC) has misunderstood his business model.<\/p>\n Loading<\/p>\n During Monday\u2019s examinations hearing, Anderson was repeatedly shown examples of First Guardian and Falcon\u2019s record keeping, described as either extremely limited or non-existent. Usually superannuation funds have extensive documentation of their investments, their funds and the fees charged to members for managing the money.<\/p>\n Anderson confirmed in court that First Guardian did not have any sort of formal agreement with the Falcon company regarding what fees it charged the superannuation fund.<\/p>\n Instead, he revealed that rather than a formal agreement covering the size of the fees and the frequency of the payments, the First Guardian Master Fund was charged management fees on an ad hoc basis.<\/p>\n Anderson also explained that rather than receiving a salary from First Guardian, he was instead paid in \u201cresiduals\u201d taken from the profits of any investments by the funds.<\/p>\n Hooper asked Anderson if any bonus payments were subject to formal documentation.<\/p>\n \u201cIt was an informal agreement,\u201d Anderson told the court.<\/p>\n \u201cIt was always a residual figure based on what was available for distribution to directors or stakeholders.\u201d<\/p>\n Paul Chiodo outside the Federal Court last month.Credit: Jason South<\/p>\n![\"Paul](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/12\/24fd9da900c26a12da631c78af1608e234167928.jpeg\")
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