Former adviser charged with fraud

Former Refocus Financial Group and Diverse Capital Management director Brett Andrew Gordon appeared before the Maroochydore Magistrates Court on Friday, following an ASIC investigation.

ASIC had alleged that between 2015 and 2017, Mr Gordon dishonestly caused a detriment to the trustees of six self-managed superannuation funds by withdrawing a total of $502,000 from the SMSF bank accounts without authorisation. The trustees of the SMSFs were Mr Gordon’s clients.

Further, the regulator claimed that between 2016 and 2018, Mr Gordon had dishonestly paid $473,600 in personal debts and expenses, as well as Refocus business expenses, from funds belonging to Diverse.

The funds had allegedly 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. It is being is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.

In July 2018, the Supreme Court of Queensland made orders by consent, to wind up Refocus and restrain Mr Gordon from carrying on a financial services business without holding an AFSL or being an authorised representative of an AFS licensee.