...Last week, ASIC asked the Federal Court to appoint liquidators to MOGS as part of its investigation into a self-managed super fund scheme that allegedly misappropriated $4.5m from almost 400 clients around the country....
....Mr Gore, son of the late Mike Gore, who built the Sanctuary Cove resort on the Gold Coast in the 1980s, was listed among BRW's top 200 richest Australians before the global financial crisis. But in April this year, he filed for bankruptcy, citing debts of $282.9m after a string of failed deals, including taking on the Sanctuary Cove project that had bankrupted his father....
...According to ASIC's statement of claim filed to the court and obtained by The Australian, it is alleged that only $455,000 of the $4.75 million raised by ActiveSuper and Royale Capital was used to buy 14 homes in Arizona via companies in the US, the British Virgin Islands and the Cayman Islands....The remainder of the money was allegedly used to create loans for MOGS, a company in which Mrs Gore is a director and which counted Mr Gore as a consultant... (here).
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