The Australian Securities and Investments Commission (ASIC) has permanently banned former Sunshine Coast financial adviser Brett Andrew Gordon from providing financial services and engaging in credit activities, following his conviction for fraud.
Mr. Gordon was the director and financial adviser at his financial planning company, Refocus Financial Group Pty Ltd (Refocus). Between 2015 and 2018, Mr. Gordon unilaterally withdrew funds from clients' Self-Managed Superannuation Fund (SMSF) accounts and Diverse Capital Management Pty Ltd (Diverse) accounts, which held SMSF client deposits intended for real estate development. He dishonestly used these funds to pay personal debts and expenses, as well as business expenses for Refocus.
Following an ASIC investigation, Mr. Gordon pleaded guilty to nine charges of fraud, totaling AUD 652,500, and was sentenced to six years in prison with the possibility of parole after 18 months.
Under the Corporations Act and the National Consumer Credit Protection Act, ASIC can permanently ban an individual from financial services and credit industries if they are convicted of fraud. Therefore, based on Mr. Gordon's conviction, ASIC has decided to permanently prohibit him from engaging in these activities.
The ban prohibits Mr. Gordon from:
- Providing any financial services and engaging in any credit activities;
- Controlling an entity that engages in financial services or credit activities;
- Performing any functions related to the conduct of financial services or credit activities, including as a senior officer, manager, employee, or contractor.
Mr. Gordon's ban has been recorded in ASIC's Banned and Disqualified Register.
Mr. Gordon has the right to apply for a review of ASIC's decision with the Administrative Appeals Tribunal.
