Legacy left in tatters as financial group goes bust
TO say Gordon Smith had a grandiose sense of self-importance would be putting it mildly.
The Sunshine Coast bizoid talked up his financial advisory group Omnia to the point that he actually boasted on his website of having "a vision to create a 1000 year legacy''.
We are not making this up!
Using something called "cash flow accelerators,'' Smith vowed to achieve this lofty goal through "ecological property development, transformational health and wealth education and personal development principles that nurture the talents and environmental sustainability of the masses''.
Unfortunately, the Buderim-based entrepreneur, who leased two Mercedes-Benz vehicles, won't be around in a millennia and neither will the questionable fruits of his labour.
Smith just tipped his NRG Concepts Pty Ltd entity into liquidation last week.
That followed his appointment of liquidator Shane Cremin in late June to his main trading vehicle, Omnia Group Pty Ltd, which had offices in Buderim, Mooloolaba and Surfers Paradise.
In his latest report to those owed money, Cremin said 45 unsecured creditors are chasing just over $5 million and another three secured creditors are out nearly $464,000. The bulk of that unsecured debt, $4.18 million, is owed to related parties.
Cremin determined that the company had been trading insolvent since at least mid-2016, just two years after its launch, and there's unlikely to be any return to creditors. He also found that Smith had personal guarantees over $1.15 million in debts and owed Omnia $334,701 from outstanding loans.
Smith, a 45-year-old native of PNG, did not return a call seeking comment on Tuesday but he previously blamed his company's demise on "economic pressure such as delayed revenue due to the Royal Commission''.
City Beat learned on Tuesday that Smith spent nearly two years living and working at what is now the Aquila Retreat, a luxury eco-resort on a 3.8ha site in Buderim. The new owners say he left earlier this year and they allege he still owes about $80,000 in rent.
WE TOLD YOU
You heard it here first.
As flagged by City Beat, ASIC announced on Tuesday that it had charged the Brisbane-based former CEO of the Bananacoast Community Credit Union with seven offences.
Lyndon Allen Kingston, of Windsor, appeared in Brisbane Magistrates Court charged with three counts of dishonest use of his position as a director and two counts of providing false information.
He has also been charged with two counts of making a false document, each of which carries a maximum sentence of 10 years behind bars.
The alleged offending occurred between December 2015 and August 2017.
Kingston, who spent nearly a decade at the helm of the credit union until he was fired two years ago, was released on bail and the case will return to court on February 14.
Kingston works at accounting and financial advisory firm HMW Group, which has hastily removed his name and image from its website. He did not return a call seeking comment.