Founder of Collapsed First Guardian Fund Questioned Over Rogue Traders Exit
David Anderson, founder of the collapsed First Guardian superannuation fund, has faced questioning in a public examination concerning his resignation from chef Scott Pickett's restaurant group, Rogue Traders. At the time of Anderson's departure, Rogue Traders reportedly owed First Guardian a substantial $12 million, a sum it was unable to repay. The First Guardian fund, along with its manager Falcon, collapsed in April 2025, leading to an estimated $500 million loss for investors.
The First Guardian fund, along with its manager Falcon, collapsed in April 2025, resulting in an estimated $500 million loss for investors.
Dual Directorships and Initial Loans
David Anderson held significant roles, serving on the boards of both the First Guardian fund and Rogue Traders, the group overseeing five of Scott Pickett's prominent venues. It was during Anderson's tenure in these dual directorships that an initial $12 million loan from First Guardian was advanced to Rogue Traders.
These funds were reportedly channeled towards expanding Rogue Traders' restaurant portfolio throughout the pandemic, encompassing popular establishments like Chancery Lane, Smith St Bistrot, Matilda 159, and Longrain. Chef Scott Pickett has not been accused of any wrongdoing in connection with these events.
Allegations have emerged suggesting that Anderson utilized investor money from First Guardian to finance various ventures, including his direct involvement with Pickett's business.
Anderson's Resignation Amidst Financial Turmoil
Anderson has denied claims that his resignation from Rogue Traders was prompted by prior knowledge of the business's insolvency. His departure closely followed the initiation of legal action by a corporate watchdog in the Federal Court, seeking to freeze the assets of both First Guardian and Anderson.
In his testimony, Anderson explained that his continued involvement with Rogue Traders became "problematic." This was primarily due to concerns voiced by other lenders to Pickett's business. While he attributed the specific issue to funding partners distinct from First Guardian, Anderson stated he could not precisely recall the origin of the problem.
Anderson testified that he advanced the money to Rogue Traders with the explicit expectation that it would be repaid either through a sale to new investors or by securing new lenders. He estimated meeting Chef Pickett approximately a year before the initial $12 million advance in 2021, introduced through a mutual contact.
Rogue Traders subsequently entered administration in September of the previous year, facing suspicions of trading while insolvent. The group reportedly owed creditors a staggering $27 million. Despite these significant financial challenges, all restaurants within the group continue to operate and honor gift vouchers.
Discrepancies in Loan Records
Liquidators for First Guardian have brought forth further allegations, claiming that an additional $6 million was advanced to Rogue Traders during Anderson's directorship.
Anderson was also pressed on a notable discrepancy in loan agreement dates: the agreement appeared in First Guardian’s books as September 2021, yet it was dated November 2020. Anderson stated he was unable to provide an explanation for this inconsistency. He has previously acknowledged that record-keeping practices at First Guardian were inadequate.
Parallel Investigations Uncover Questionable Spending
In separate, but related, proceedings during the examinations, Abdullah Guerinat was also questioned. His property development companies had received a substantial $46 million from First Guardian.
Guerinat stated he could not recall specific details of various transactions made with his companies' money between 2021 and 2025. These transactions reportedly included:
- A $163,000 ATM withdrawal
- An $85,000 watch purchase
- $39,000 for pool works
- A $30,000 Porsche
- A $22,000 motorbike
- A $13,000 company dinner
Guerinat indicated that he would need to consult his records or notebooks to provide further information regarding these expenditures.