Former financial adviser Brett Andrew Gordon was charged today with 10 counts of fraud to the total value of $975,600, following an investigation by the regulator the Australian Securities and Investments Commission (ASIC).
Gordon appeared before the Maroochydore Magistrates Court, Queensland, Australia.
Gordon, of Sunshine Coast, Queensland, was the director of Refocus Financial Group and Diverse Capital Management.
ASIC alleges that, between 2015 and 2017, Gordon 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. The trustees of these SMSFs were Gordon's clients.
According to a statement issued today, ASIC further alleges that, between 2016 and 2018, 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.
The matter has been adjourned to 25 September 2020 for further mention in the Maroochydore Magistrates Court.