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Former financial adviser Brett Andrew Gordon has been charged with 10 counts of fraud to the total value of $975,600, following an ASIC investigation.
According to ASIC, Mr Gordon, a Sunshine Coast-based financial adviser, dishonestly caused a detriment to the trustees of six self-managed superannuation funds (SMSFs) by withdrawing a total of $502,000 from the SMSF bank accounts without authorisation between 2015 and 2017. The trustees of these SMSFs were Mr Gordon’s clients.
At the time, Mr Gordon was the director of Refocus Financial Group and Diverse Capital Management.
ASIC further alleges that, between 2016 and 2018, Mr Gordon dishonestly paid $473,600 in personal debts and expenses, as well as Refocus business expenses, from funds belonging to Diverse. Those funds had been invested by SMSF clients for the purpose of participating in property development activities to generate a return.
In July 2018, the Supreme Court of Queensland made orders by consent, on the application of ASIC, winding up Refocus and restraining Mr 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.
The current matter has been adjourned to 25 September 2020 for further mention in the Maroochydore Magistrates Court.