The Federal Court of Australia has backed the Australia Securities and Investments Commission’s (ASIC’s) call for Gold Coast businessman, Craig Gore, to be permanently banned from providing financial services.
The Court delivered its judgement relating to declarations and bannings against Gore and other individuals for misusing more than $4 million raised from self-managed superannuation fund (SMSF) investors.
ASIC Commissioner, Greg Tanzer, said the banning orders, which prohibit Gore and the other defendants from carrying on any business related to superannuation interests ranging from Gore’s permanent ban to seven-and-a-half —years.
“Today’s outcome shows the courts, ASIC and the community will not tolerate behaviour that seeks to destroy people’s lives,” he said.
“With more than 539,000 SMSFs, over a million members, and assets totalling $550 billion, ASIC has ramped up its attention on a sector which is growing importance to Australian investors.”
Handing down the orders, Federal Justice White described Gore’s conduct as dishonest.
“Mr Gore’s taking of monies for his own personal use which was subscribed for the purpose of investment in real estate cannot be characterised in any other way,” he said.
The court delivered 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).
