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Tuesday 10 March 2015

15-048MR Charterhill director George Nowak, banned from providing financial services

ASIC has banned the founder of the Charterhill Group of Companies (Charterhill Group), George Nowak, from providing financial services until 3 July 2017 on the basis that Mr Nowak is an undischarged bankrupt.

ASIC's investigation, which is ongoing, found that Mr Nowak applied for personal bankruptcy in July 2014.

Section 920A(1)(bb) of the Corporations Act  provides that ASIC may make a banning order against a person if the person becomes insolvent under administration.

Mr Nowak has a right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

Mr Nowak is banned from providing financial services for the period of his bankruptcy. He is also automatically banned, under the Corporations Act, from acting as company director and being involved in the management of companies for this period.

ASIC is continuing to investigate the conduct of Mr Nowak and the activities of the Charterhill Group, which operated as a 'one stop shop,' providing advice to clients on the establishment of SMFS, rollover of existing superannuation funds into an SMSF, sourcing and purchase of investment properties, property management, insurance and taxation.

Last updated: 20/07/2016 12:55