Qld adviser permanently banned after fraud conviction
The corporate regulator has permanently banned a former Queensland-based financial adviser after he was convicted of fraud.
ASIC has permanently banned former Sunshine Coast financial adviser Brett Andrew Gordon from providing financial services and engaging in credit activities after he was convicted of fraud offences.
Gordon was a financial adviser and director of Refocus Financial Group Pty Ltd. Between 2015 and 2018, he dishonestly used funds deposited by clients for property development purposes to pay personal debts and expenses and Refocus business expenses.
Following an ASIC investigation, Gordon pleaded guilty to nine counts of fraud totalling $652,500 and was sentenced to six years’ imprisonment, with parole eligibility after 18 months.
In sentencing Gordon in April last year, Judge Barlow KC described his conduct as “deliberate, fraudulent and unforgivable given his position of trust” and noted that his conduct involved people’s livelihood and occurred over a number of years. Judge Barlow KC also observed that he had not attempted to repay his victims.
ASIC said that under the Corporations Act and the National Consumer Credit Protection Act, it may permanently ban a person from the financial services and credit industries if they are convicted of fraud. Consequently, based on his conviction, the regulator has banned Gordon permanently.
It said that the ban prohibits Gordon from providing any financial services and engaging in any credit activities, controlling an entity that carries on a financial services business or engages in credit activities, and performing any function involved in carrying on a financial services business or engaging in credit activities, including as an officer, manager, employee or contractor.
Gordon has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Recommended for you
ASIC has suspended the AFSL of a Sydney fund manager, which operates a managed investment scheme, over repeated failures to comply with licensee obligations.
Wealth Data has shared an updated ranking of the five largest Australian financial advice licensees, with just 59 advisers separating the firms in the lower half of the table.
United Global Capital complaints to AFCA have quadrupled since August and are highly likely to rise further as it retains membership for another six months.
An advice executive has shared how advisers should regularly assess the performance of their licensee, regardless of whether they are looking to leave, in order to prevent any problems from arising.
