On 27 October 2020, following an earlier five-day judge-alone trial at the Brisbane District Court, Mr Craig Kirrin Gore was found guilty of six counts of fraud involving amounts totalling $345,000.
Mr Gore was remanded in custody and will be sentenced on 26 November 2020.
The trial proceeded on 12 counts of fraud, however, Mr Gore was found not guilty on five counts with a further sixth count being dismissed because the court could not be satisfied the offending took place within the Queensland jurisdiction.
Mr Gore was initially arrested on 14 April 2017 after being charged with fraud relating to the obtaining of funds from self-managed superannuation fund (SMSF) investors during 2013 and 2014. The funds obtained totalled approximately $800,000.
ASIC’s case focussed on Mr Gore obtaining funds from SMSF investors through his role at Arion Financial Pty Ltd (Arion). Investors were presented with information that they could invest in debentures, with various promises that included a guaranteed return, high returns, and that the funds could be returned after a short-term period of investment.
The court found that in relation to four SMSF clients Mr Gore was aware of the poor financial state of Arion at the time representations were made to them, and that there was no real Arion prospect of Arion repaying the invested amounts or the interest.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral of a prosecution brief by ASIC.
On 14 April 2017, Mr Gore was arrested for allegedly defrauding between 2013 and 2014, five self-managed superannuation fund (SMSF) investors of approximately $800,000 (17-116MR).
The charges of fraud carry potential maximum penalties of between five and 12 years.
Managing whilst disqualified
Mr Gore also faces three charges of acting in the management of three corporations (MOGS Pty Ltd, Sleipner Financial Pty Ltd and Arion) whilst disqualified from doing so. Those matters did not form part of the fraud trial and will return to the Magistrates Court for mention on 13 November 2020.
The charges of acting in the management of corporations whilst disqualified each carry a maximum penalty of one-year imprisonment or 50 penalty units.