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At his height Craig Gore raised the ire of his neighbours who accused the former Gold Coast rich-lister of flying his helicopter to his hinterland property multiple times a day.
But last night he spent the evening in a prison cell after being found guilty on six counts of fraud totalling $345,000.
The charges carry potential maximum penalties of between five and 12 years imprisonment.
His sentencing, slated for 26 November, will provide a unwanted speedbump to a colourful career during which Gore established a development company, financial advisory firm, started a wine company, ran a V8 Supercar racing team and even scaled the heights of US IndyCar racing.
Gore (pictured), son of Gold Coast developer Michael Gore who lured Frank Sinatra to Australia in 1988 to launch his Sanctuary Cove development in the north of the city, was arrested on 14 April.
He was charged with fraud relating to the obtaining of funds from self-managed superannuation fund (SMSF) investors during 2013 and 2014. The funds obtained totalled about $800,000.
However, Gore was found not guilty on five counts with a further sixth count being dismissed because the court could not be satisfied the offending took place within the Queensland jurisdiction.
While the convictions marks the end of these fraud charges, Gore is not out of the woods yet.
According to ASIC he also faces three charges of acting in the management of three corporations while disqualified from doing so. Those matters return to the Magistrates Court for mention on 13 November 2020.
The conviction marks a spectacular fall from grace for the luxury-car loving businessman.
In 2007 he found himself among Australia's future business elite when he scored a spot on BRW's Young Rich List.
At the time he was worth an estimated $189 million and counted a range of developments across Australia as success stories.
His Team Australia IndyCar racing outfit competed in the topflight of the US premier open-wheel series from 2004-2008 and at one stage boasted future champion and Toowoomba product Will Power as a driver.
He also dabbled in wine through his Aussie Vineyards venture.
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Business News Australia
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