ASIC takes financial planner to court

ASIC is taking a Queensland-based financial planner to the Supreme Court, after his licensee reported him to the corporate regulator.

Brett Andrew Gordon operated a financial planning business, Refocus Financial Group on the Sunshine Coast. He held a licence from Solar Financial Advisory from June 2014 to August 2017.

ASIC alleged that during this time Gordon recommended his clients establish SMSFs and extend unsecured loans to a property development company, which has since been placed in liquidation.

At least 10 of Gordon's former clients loaned $1.4 million to the company.

According to ASIC, Gordon and his partner Heather Jean Swift used the SMSF loans' money for their own and Swift's company Consultia Super's benefit.

ASIC will go to the Brisbane Supreme Court on July 11, seeking orders to prevent Gordon and his wife from dealing with their assets, restraining him from providing future advice - as he continued to provide advice even after ASIC cancelled his licence - and to appoint a provisional liquidator for Gordon and his partner's companies.

Gordon was previously licensed by AMP's Genesys Wealth Advisers from 2010 to 2014; and Charter Financial Planning between 2005 and 2010.

Separately, ASIC  is forcing Goldman Sachs Australia to pay $500,000 into a community fund and accepted an enforceable undertaking  that will require  the investment bank to tighten controls of its bookbuild messaging of which Goldman Sachs Australia acts as lead manager on certain equity capital markets transactions.

ASIC was concerned about "certain representations" Goldman Sachs made to potential investors about the minimum fixed demand in a November 2015 sale of Healthscope Limited shares.

Yesterday, ASIC also commenced proceedings against two companies - Linchpin Capital Group and Endeavor Securities Australia - that were running managed investment schemes without AFS licences.

ASIC alleged the two companies used clients' money for their own purposes. This case will be heard on July 24 in Brisbane Federal court.

Read more: ASICGoldman Sachs AustraliaSMSFAFSBrett Andrew GordonBrisbane Federal CourtBrisbane Supreme CourCharter Financial PlanningConsultia SupertEndeavor Securities AustraliaGenesys Wealth AdvisersHeather Jean SwiftLinchpin Capital GroupRefocus Financial GroupSolar Financial Advisory
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