Former adviser jailed, permanently banned for defrauding clients

Former Sunshine Coast financial adviser Brett Gordon has been permanently banned from providing financial services and engaging in credit activities following his conviction for fraud offences last month.

This prohibition extends to any role within a financial services business, including positions as an officer, manager, employee, or contractor.

However, he has the right to appeal to the Administrative Appeals Tribunal for a review of the decision.

Gordon, who was an adviser and director of Refocus Financial Group between 2015 and 2018, was found to have misappropriated funds deposited by clients for property development purposes.

He diverted these funds without authorisation from his clients' SMSF accounts to cover personal debts, personal expenses, and business expenses of Refocus.

Following an ASIC investigation, he appeared before the Maroochydore District Court and entered pleas of guilty to nine counts of fraud totalling $652,500.

He was sentenced to six years imprisonment with eligibility for parole after one and a half years.

In sentencing Gordon, the presiding judge condemned his actions as "deliberate, fraudulent and unforgiveable given his position of trust" and noted that his conduct involved people's livelihood.

The judge also highlighted his lack of effort to make restitution to his victims.

Under the Corporations Act and the National Consumer Credit Protection Act, ASIC may permanently ban a person from the financial services and credit industries if they are convicted of fraud.

This article first appeared on Financial Standard

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