Court liquidates two super businesses over alleged misused million
The latest figures show Australians have withdrawn almost $15 billion from their super accounts under the COVID-19 scheme Photo: Getty
A Brisbane court has ordered the liquidation of two businesses connected to a Sunshine Coast man accused of misusing $1.4 million.
The Australian Securities and Investments Commission asked the Brisbane Supreme Court on Wednesday to wind up Brett Andrew Gordon’s financial planning business Refocus and his partner’s business Consultia Super.
ASIC originally alleged the pair used client money for their personal use between 2014 and 2017 by recommending customers establish self-managed superannuation funds and then advance unsecured loans to a related company called Diverse Capital Management.
But on Wednesday ASIC dropped any further proceedings against Mr Gordon’s partner.
Justice Peter Applegarth agreed with ASIC’s request to appoint a liquidator and also ordered Mr Gordon not to carry out unlicensed activity.