ASIC, Superannuation

Property developer sentenced for SMSF fraud

Property developer SMSF fraud

A former Queensland property developer has been sentenced to five years’ imprisonment for defrauding SMSF investors.

A former Queensland property developer has been sentenced to five years’ jail in relation to fraud activities that obtained close to $350,000 in funds from SMSF investors.

The Australian Securities and Investments Commission (ASIC) stated Craig Kirrin Gore received the sentence, which includes a non-parole period of two years, after being found guilty following a five-day, judge-alone trial in the Brisbane District Court of six counts of fraud involving amounts totalling $345,000.

Gore was initially arrested in 2017 after being charged with fraud relating to obtaining funds from SMSF investors during 2013 and 2014.

In presenting its case, ASIC stated Gore obtained the funds through his role at Arion Financial Pty Ltd, where investors were told they could receive guaranteed high returns via investments in debentures.

At the time of sentencing, Judge Michael Byrne noted it was an aggravating factor that SMSF investors who were saving and investing for their retirement were being targeted, adding deterrent sentences were required to reassure SMSF investors those convicted of dishonestly dealing with their funds will be punished accordingly.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral of a prosecution brief by ASIC. Prior to sentencing, Gore lodged an appeal for the earlier guilty verdict. No dates have been set for the appeal.

He is also due to return to the Magistrates Court for mention on 27 November in relation to three charges of acting in the management of three corporations (MOGS Pty Ltd, Sleipner Financial Pty Ltd and Arion) while disqualified from doing so, which did not form part of the fraud trial.

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