Six people have been banned for periods ranging from seven and half years to life from providing financial services after their involvement in a real estate investment scam. 

The Federal Court last week banned Craig Gore and Jeffrey George for life for role in the scam that misused more than $4 million raised from self-managed superannuation fund (SMSF) investors.

Mark Adamson and Jason Burrows both received 10 year bans by consent from providing financial services, while Marina Gore and Justin Gibson received 7 ½ year bans. 

Burrows and Gibson were also banned from managing companies for 10 and 7 ½ years respectively. 

As part of the court’s ruling liquidators from KPMG were appointed to oversee seven companies based in the United States, the British Virgin Islands and the Cayman Islands. 

The bans follow a 2011 Australian Securities & Investment Commission (ASIC) investigation into Queensland based companies ActiveSuper and Royale Capital. 

ASIC launched civil proceedings in 2012 after discovering the companies had raised $4.75 million from 200 SMSF investors. 

Investors in the companies were lead to believe their money would be used to buy property in the US, when in fact it was actually funnelled to a Queensland development company MOGS linked to Craig Gore. 

In October 2013, the court ruled MOGS be wound up and appointed liquidators to investigate the company’s activities.