Former Qld adviser imprisoned after $625k SMSF fraud
A former Sunshine Coast adviser has been sentenced after pleading guilty to nine counts of fraud totalling $625k.
Brett Gordon appeared before Maroochydore District Count and was sentenced to six years imprisonment with eligibility for parole after one and a half years.
He was a director and financial adviser at Refocus Financial Group Pty and between 2015 and 2018, he withdrew funds without authorisation from his clients’ self-managed superannuation (SMSF) accounts and from Diverse Capital Management Pty Ltd (Diverse), which held funds deposited by his SMSF clients for property development purposes.
He then dishonestly used those funds for personal debts and expenses, as well as for Refocus’ business expenses, the Australian Securities and Investments Commission (ASIC) said.
Judge Barlow KC described his conduct as “deliberate, fraudulent and unforgivable given his position of trust” and observed that Gordon did not attempt to repay his victims.
In sentencing, Judge Barlow took into consideration Gordon’s guilty pleas, the loss of his career in financial services and his previous co-operation with ASIC.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.
On 11 July 2018, the Supreme Court of Queensland made final orders by consent, on the application of ASIC, to wind up entities operated by Gordon, Refocus and Consultia Super Pty Ltd and restraining Gordon from carrying on a financial services business without holding an Australian Financial Services (AFS) licence or being an authorised representative of an AFS licensee.
AUTHOR
Laura Dew
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
