In a public statement, ASIC stated that Mr Gordon, of the Sunshine Coast, Queensland, was the director of Refocus Financial Group Pty Ltd and Diverse Capital Management Pty Ltd.

ASIC alleges that, between 2015 and 2017, Mr Gordon dishonestly caused a detriment to the trustees of six SMSFs by withdrawing a total of $502,000 from the SMSF bank accounts without authorisation. The trustees of these SMSFs were Mr Gordon’s clients. 

“ASIC further alleges that, between 2016 and 2018, Mr Gordon dishonestly paid $473,600 in personal debts and expenses, as well as Refocus business expenses, from funds belonging to Diverse,” the corporate regulator stated.

“Those funds had been invested by SMSF clients for the purpose of participating in property development activities to generate a return.”

The matter has been adjourned to 25 September 2020 for further mention in the Maroochydore Magistrates Court.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.

The Supreme Court of Queensland made orders by consent, on the application of ASIC, winding up Refocus and restraining Mr Gordon from carrying on a financial services business without holding an Australian financial services licence or being an authorised representative of an AFS licensee.