POWERED BY MOMENTUM MEDIA
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
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
ASIC has sentenced former director Mudasir Mohammed Naseeruddin over four years imprisonment for ‘egregious conduct’ and dishonestly obtaining client funds from six investors’ SMSF accounts.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment