SMSF fraudster’s appeal dismissed

Craig Gore was initially arrested on 14 April 2017 and was alleged to have obtained funds from SMSF investors through his role at Arion Financial between 2013 and 2014 “by representing that the investors could invest in debentures, with various promises that included a guaranteed return, high returns, and that the funds could be returned after a short-term period of investment”.

Mr Gore was eventually found guilty in Queensland District Court in October last year, with the court finding that Mr Gore was aware of the poor financial state of Arion at the time that representations were made.

In November, he was sentenced to five years prison with a non-parole period of two years and had an appeal heard in February.

It was confirmed on Thursday that the Court of Appeal found the evidence provided showed that Mr Gore had “continued to secure funds from the investors after December 2013 without disclosing there was no real prospect of them being repaid”.

Mr Gore is facing three further charges of acting in the management of three corporations – MOGS Pty Ltd, Sleipner Financial Pty Ltd and Arion – while disqualified from doing so.

The matter will return to the Queensland Magistrates Court for mention on 20 August. Each charge of acting in the management of corporations whilst disqualified carries a maximum penalty of one year imprisonment or fine up to $8,500.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.