Dishonest Gore given life ban
FORMER Gold Coast highflyer Craig Gore has been banned for life by the Federal Court from providing financial services and slammed by the corporate watchdog for destroying people’s lives.
The damning court decision comes after a four-year investigation by the Australian Securities and Investment Commission into an offshore scheme that misused more than $4 million, invested by 200 people.
Federal Court Justice Richard White labelled Gore’s conduct as “dishonest”. “Mr Gore’s taking of monies for his own personal use, which was subscribed for the purpose of investment in real estate, cannot be characterised in any other way,” he said.
Mr Gore’s wife Marina Gore was banned for 7½ years, while his former business partner, Jeffery George, received a permanent ban.
Mark Adamson, his former lawyer, consented to a 10-year ban and former Royale Capital director Justin Gibson was given a 7½ year ban and disqualified from managing companies for the same period.
ActiveSuper director Jason Burrows consented to a 10year ban for providing financial services and managing companies.
Justice White ordered that, with the exception of former Gore associate Graeme Stone- house, who was earlier this year found to be not knowingly concerned with the contraventions detailed by ASIC, the defendants pay 95 per cent of ASIC’s costs.
ASIC Commissioner Greg Tanzer said bans show the courts, ASIC and the community would not tolerate “behaviour that seeks to destroy people’s lives”.
The group was involved in establishing companies in the British Virgin Islands where funds raised from Australian investors were supposed to be channelled to buy property assets in the US. Most of the funds were forwarded through a loan arrangement to Gold Coast-based property developer MOGS, a company that was linked to Gore and used for other investments.