iscover Financial adviser jailed for stealing $652k from SMSF accounts
RegulationFormer director of Refocus pleads guilty to nine counts of fraud in Queensland court.
A former Sunshine Coast financial adviser, Brett Gordon, has been sentenced to six years’ imprisonment after being pleading guilty to nine counts of fraud involving $652,500.
The money was withdrawn without authorisation from clients of his financial planning business, Refocus Financial Group, without their consent between 2015 and 2018.
It was taken SMSF accounts and from Diverse Capital Management, which held funds deposited by SMSF clients for property development purposes, and then dishonestly used by Mr Gordon for personal debts and expenses as well as Refocus business expenses.
Sentencing Mr Gordon at Maroochydore District Court, Judge Barlow described his conduct as “deliberate, fraudulent and unforgivable given his position of trust”.
He said Mr Gordon’s conduct involved the livelihood of people, occurred over a number of years, and that he made no attempt to repay his victims.
Judge Barlow 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.
The regulator had successfully applied to the Supreme Court of Queensland to wind up entities operated by Mr Gordon, Refocus and Consultia Super Pty Ltd in July 2018.
The order also restrained Mr Gordon from carrying on a financial services business without holding an AFS licence or being an authorised representative of an AFS licensee.
Mr Gordon will be eligible for parole after one-and-a-half years.
Philip King
Philip King is editor of Accountants Daily and SMSF Adviser, the leading sources of news, insight, and educational content for professionals in the accounting and SMSF sectors.
Philip joined the titles in March 2022 and brings extensive experience from a variety of roles at The Australian national broadsheet daily, most recently as motoring editor. His background also takes in spells on diverse consumer and trade magazines.
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