ASIC seeks permanent ban for Gold Coast identity
A colourful Gold Coast business identity is among six people who provided financial advice without holding an Australian Financial Services licence (AFSL), the Australian Securities and Investments Commission (ASIC) is seeking banning orders against.
ASIC revealed it has made submissions to the Federal Court of Australia to issue banning orders against Craig Gore, and several other individuals, from providing financial services following their involvement in the misuse of more than $4 million raised from self-management superannuation fund (SMSF) investors.
Last month Federal Court judge, Richard White, found the Gore and five other parties associated with ActiveSuper and Royale Capital had contravened sections of the Corporations Act, or were knowingly concerned in those contraventions.
As previously reported, court papers revealed that the alleged contraventions stemmed "from the circumstances in which numerous Australian investors with relatively modest amounts of superannuation were induced to establish SMSFs and to use their superannuation funds for investment in property in the US and in companies incorporated in the British Virgin Islands".
"Most of the invested monies were not used for the purposes contemplated by the investors and have been substantially, if not wholly, lost."
ASIC is seeking the following orders:
- Craig Gore - permanent banning from providing financial services.
- Marina Gore - permanent banning from providing financial services.
- Mark Adamson - 10 year banning from providing financial services (by consent).
- Jason Burrows - 10 year banning from providing financial services and 10 year disqualification from managing companies (by consent).
- Jeffrey George - permanent banning from providing financial services.
- Justin Gibson — 7.5 years banning from providing financial services and 7.5 year disqualification from managing companies (by consent).
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