This article is from the Australian Property Journal archive
FORMER Gold Coast property developer Craig Gore has failed in his attempt to overturn his conviction on six counts of fraud handed down in November.
Gore was sentenced to five years in prison with a non-parole period of two years, after being found guilty of the fraud charges that involved amounts totalling $345,000.
Gore was initially arrested in 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 Gore obtaining funds from SMSF investors through his role at Arion Financial Pty Ltd 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 Gore was aware of the poor financial state of Arion at the time and that there was no real prospect of Arion repaying the invested amounts or the interest.
Gore had run into financial difficulties multiple times over the years, including receivers being called in over Atkinson Gore Group entities in 2009 over $145 million, while Gore owed $495 million in mostly personal guarantees. He went bankrupt in 2012.
Gore’s father, Mike, developed Sanctuary Cove and launched the resort in 1988 with an event featuring singers Frank Sinatra and Whitney Houston. Mike moved to Canada four years later owing $25 million.
