Retirement
10 years behind bars for SMSF company director
The company founder and director alleged to have misappropriated $1.2 million in SMSF monies has been sentenced to 10 years imprisonment for his deception.
10 years behind bars for SMSF company director
The company founder and director alleged to have misappropriated $1.2 million in SMSF monies has been sentenced to 10 years imprisonment for his deception.
George Nowak had pleaded guilty to 17 counts of aggravated deception and one count of dishonest dealings with documents in the District Court of South Australia back in February.
He was in the third week of his criminal trial at the time.
The offences related to his conduct in dealing with members of self-managed super funds, with the SMSFs undertaking property purchases offered by companies of which Mr Nowak was a director.
ASIC has reported that Mr Nowak failed to hold the $1.2 million in SMSF monies in a designated account and did not apply funds towards the intended property purchases between December 2012 and December 2013.
Mr Nowak was the director of the Charterhill group of companies, which operated as a “one-stop shop” in providing advice to clients on the establishment of SMSFs, the rollover of existing funds into SMSFs, the sourcing and purchase of investment properties, as well as assistance on property management, insurance and taxation.
In delivering Mr Nowak’s sentence, which has a non-parole period of six years and three months, Judge Sophie David emphasised the “utmost seriousness” of the offence.
She said the fraud had had a significant impact on the lives of Mr Nowak’s victims and was perpetuated to fund a lavish lifestyle.
Weighing in on the penalty decision, ASIC commissioner Danielle Press said Mr Nowak had “deliberately misled clients and used their funds for his own benefit”.
“Mr Nowak dishonestly and deliberately breached his clients’ trust.”
She said the court’s sentence “reflects the seriousness of this conduct and the impact it had on Mr Nowak’s clients”.
RELATED ARTICLES
About the author
About the author
Self managed super fund
Superannuation guarantee to be paid on government paid parental leave, says ASFA
The Association of Superannuation Funds of Australia (ASFA) has hailed the government's decision to include Superannuation Guarantee payments with its Paid Parental Leave policy as a critical step ...Read more
Self managed super fund
SMSF experts advise against hasty reactions to potential super tax changes
As the Australian Government proposes a new tax measure on superannuation earnings for balances exceeding $3 million, experts from the self-managed super funds (SMSF) sector are urging members not to ...Read more
Self managed super fund
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024. Read more
Self managed super fund
SMSF Association calls for joint effort to tackle early super access
The SMSF Association is calling on a collaborative approach including the Government, the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), and the ...Read more
Self managed super fund
Rest Super members file class action over alleged insurance premium deductions
Shine Lawyers has initiated a class action lawsuit against Rest Superannuation (Rest), alleging the unlawful deduction of income protection insurance premiums from members' superannuation accounts. Read more
Self managed super fund
Debunking a superannuation tax myth: SMSF Association clarifies the impact on Aussie farms
In the ongoing debate about a proposed new tax targeting superannuation funds exceeding $3 million, the SMSF Association has stepped in to challenge claims from the Association of Superannuation Funds ...Read more
Self managed super fund
Is an SMSF right for you?
When it comes to planning for retirement, one of the most significant decisions Australians have to make is how to manage their superannuation. Read more
Self managed super fund
SMSF growth continues after pandemic peak
The statistics have begun to change coming out of the COVID-19 pandemic, according to new findings from Australian Investment Exchange Limited (AUSIEX). Read more
Self managed super fund
Superannuation guarantee to be paid on government paid parental leave, says ASFA
The Association of Superannuation Funds of Australia (ASFA) has hailed the government's decision to include Superannuation Guarantee payments with its Paid Parental Leave policy as a critical step ...Read more
Self managed super fund
SMSF experts advise against hasty reactions to potential super tax changes
As the Australian Government proposes a new tax measure on superannuation earnings for balances exceeding $3 million, experts from the self-managed super funds (SMSF) sector are urging members not to ...Read more
Self managed super fund
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024. Read more
Self managed super fund
SMSF Association calls for joint effort to tackle early super access
The SMSF Association is calling on a collaborative approach including the Government, the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), and the ...Read more
Self managed super fund
Rest Super members file class action over alleged insurance premium deductions
Shine Lawyers has initiated a class action lawsuit against Rest Superannuation (Rest), alleging the unlawful deduction of income protection insurance premiums from members' superannuation accounts. Read more
Self managed super fund
Debunking a superannuation tax myth: SMSF Association clarifies the impact on Aussie farms
In the ongoing debate about a proposed new tax targeting superannuation funds exceeding $3 million, the SMSF Association has stepped in to challenge claims from the Association of Superannuation Funds ...Read more
Self managed super fund
Is an SMSF right for you?
When it comes to planning for retirement, one of the most significant decisions Australians have to make is how to manage their superannuation. Read more
Self managed super fund
SMSF growth continues after pandemic peak
The statistics have begun to change coming out of the COVID-19 pandemic, according to new findings from Australian Investment Exchange Limited (AUSIEX). Read more
