A Brisbane man has been found guilty in the District Court of six counts of fraud in obtaining funds from SMSF investors.
Craig Kirrin Gore was first arrested in April 2017 and charged with fraud after he obtained $800,000 from SMSF trustees between 2013 and 2014.
Through his role at Arion Financial, Gore presented investors with information that they could invest in debentures that included a guaranteed high return and that the funds could be returned after a short-term period.
The court found that in relation to four SMSF clients Gore was aware of the poor financial state of Arion at the time representations were made to them and that there was no real prospect of Arion repaying the invested amounts or the interest.
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He also faces three further charges of acting in the management of corporations (MOGS Pty Ltd, Sleipner Financial Pty Ltd and Arion) while disqualified.
The trial proceeded on 12 counts of fraud but Gore was found guilty of six counts involving a total of $345,000.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral by ASIC.