Disgraced rich-lister to learn fate over $350k investor scam
Disgrace former rich-lister Craig Gore will learn his fate in court today after being found guilty of defrauding almost $350,000 from investors.
The sentence hearing for property developer Gore, 53, has begun in the District Court with the prosecutor arguing he should be sentenced to up to seven years imprisonment.
Gore was immediately taken into custody last month after Judge Michael Byrne found him guilty of six counts of fraud relating to a high-interest debentures scheme he ran between 2013 and 2014.
Gore has now spent 30 days behind bars and this morning entered the courtroom in a wrinkled blue suit.
Crown Prosecutor Michael Copley QC has submitted Gore should be sentenced to between five and seven years imprisonment for the offending.
During the trial, the court heard the funds provided by mum and dad investors were used to pay creditors and wages instead of being invested in high-interest returns as claimed by Gore.
The total amount prosecutors had alleged Gore defrauded investors was more than $800,000 but Judge Byrne found him guilty of counts amounting to $345,000.
Judge Byrne said he was satisfied beyond reasonable doubt that Gore had caused the companies to gain the benefit alleged by prosecutors.
"In particular, I am satisfied to the criminal standard that the conduct directly attributable to the defendant caused the respective directors to "invest" the complainant's moneys," Judge Byrne wrote in his judgment.
"Broadly speaking, I am satisfied that the defendant spoke directly with each director about investing in debentures and thereby convinced them, by various representations, to invest and that in each instance he either directly sent to them, or caused to be sent to them, the various debenture agreements (however entitled) and the pre-filled withdrawal forms."
The sentence hearing continues.
Originally published as Disgraced rich-lister to learn fate over $350k investor scam