Former non-aligned adviser to face ASIC in court

Former non-aligned adviser to face ASIC in court

The corporate regulator has commenced proceedings in the Supreme Court of Queensland against former adviser Brett Gordon, previously licensed by non-aligned dealer group Solar Financial Advisory.

Mr Gordon traded under the business name Refocus Financial Group and was an authorised representative of Solar Financial Advisory between 28 June 2014 and 26 August 2017.

During this time, ASIC alleges he recommended clients establish an SMSF, and then advance unsecured loans to a related company called Diverse Capital in order to undertake property development.

According to ASIC, at least 10 clients loaned $1.4 million (all of which remains outstanding) to Mr Gordon on his recommendation, with Mr Gordon then using the funds “for his personal use and as working capital for Refocus”.

Further, ASIC alleged Mr Gordon’s partner, Consultia Super director Heather Swift, also received funds from Diverse Capital that she too applied for personal use.

Mr Gordon and Refocus also entered other unsecured loan agreements to borrow funds from Refocus’ SMSF clients, ASIC said, and Mr Gordon also continued to provide financial services after becoming unlicensed to do so.

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“ASIC is seeking orders to: appoint a provisional liquidator to Refocus and Consultia; prevent Mr Gordon and Ms Swift from dealing with their assets; and restrain Mr Gordon from providing financial services,” the statement said.

ASIC’s investigation is continuing, and the regulator is also commencing proceedings against Ms Swift.

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