Brett Andrew Gordon appeared before the Maroochydore Magistrates Court on Friday, charged with 10 counts of fraud to the total value of $975,600, following an ASIC investigation.
Mr Gordon, of the Sunshine Coast, Queensland, was the director of Refocus Financial Group Pty Ltd and Diverse Capital Management Pty Ltd.
ASIC alleges that, between 2015 and 2017, Mr Gordon dishonestly caused a detriment to the trustees of six SMSFs by withdrawing a total of $502,000 from the SMSF bank accounts without authorisation.
The trustees of these SMSFs were Mr Gordon’s clients.
The corporate regulator also alleges that between 2016 and 2018, Mr Gordon dishonestly paid $473,600 in personal debts and expenses, as well as business expenses from Refocus Financial Group, using funds belonging to Diverse Capital Management.
These funds had been invested by SMSF clients for the purpose of participating in property development activities to generate a return.
ASIC had previously commenced action against Mr Gordon in 2018, resulting in being restrained from carrying on a financial services business without holding an Australian financial services licence or being an authorised representative of an AFS licence holder.
The current matter has been adjourned to 25 September 2020 for further mention in the Maroochydore Magistrates Court.
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.