Former Qld financial adviser sentenced to 6 years’ imprisonment
A former Sunshine Coast financial adviser who withdrew funds from the SMSF clients without their permission has been sentenced to six years’ jail.
Brett Gordon appeared before the Maroochydore District Court and entered pleas of guilty to nine counts of fraud totalling $652,500. He was sentenced to six years imprisonment with eligibility for parole after one-and-a-half years.
Mr Gordon was a director and financial adviser of his financial planning business, Refocus Financial Group Pty Ltd (Refocus).
Between 2015 and 2018, Mr Gordon withdrew funds without authorisation from his clients’ SMSF accounts and from Diverse Capital Management Pty Ltd (Diverse), which held funds deposited by his SMSF clients for property development purposes. He dishonestly used those funds for personal debts and expenses, as well as for Refocus’s business expenses.
In sentencing Mr Gordon, Judge Barlow KC described his conduct as ‘deliberate, fraudulent and unforgivable given his position of trust’ and noted that his conduct involved people’s livelihood and occurred over a number of years. Judge Barlow KC also observed that Mr Gordon did not attempt to repay his victims.
Judge Barlow KC took into consideration Mr Gordon’s guilty pleas, the loss of his career in financial services and his previous cooperation 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, winding up entities operated by Mr Gordon, Refocus and Consultia Super Pty Ltd and restraining Mr Gordon from carrying on a financial services business without holding an ASFL or being an authorised representative of an AFS licensee (18-199MR).
