Retirement
Deceptive SMSF director pleads guilty
A company founder and director has pleaded guilty to aggravated deception and dishonest dealings with documents in relation to his work with SMSF members.
Deceptive SMSF director pleads guilty
A company founder and director has pleaded guilty to aggravated deception and dishonest dealings with documents in relation to his work with SMSF members.
The Australian Securities and Investments Commission (ASIC) said George Nowak pleaded guilty in the district court of South Australia to 17 counts of aggravated deception and one count of dishonest dealings with documents.
The announcement came during the third week of his criminal trial for these charges.
ASIC initially investigated Mr Nowak’s conduct in dealing with SMSF members who were undertaking property purchases offered by companies of which he was a director.
The Charterhill group of companies include: Lending Solutions International Pty Ltd, Nova Real Estate Pty Ltd, EJ Property Developments Pty Ltd and Financial Wellness Pty Ltd.
The charges concerned the misappropriation of $1.2 million in SMSF monies.
Mr Nowak had not held funds in a designated account and had also not applied those funds towards the intended purchase of property.
Aggravated deception charges in South Australia each carry a maximum penalty of 15 years imprisonment, while the charge of dishonest dealings carries a maximum penalty of 10 years imprisonment.
The collapse of the Charterhill group occurred in 2014 following an application from ASIC to the Federal Court in Adelaide.
The Charterhill group operated as a one-stop shop in providing advice to clients on the establishment of SMSFs, rollover of existing super funds into SMSFs, the sourcing and purchase of investment properties, property management, insurance and taxation.
Mr Nowak was banned from providing financial services in March 2015 on the basis that he was an undischarged bankrupt.
Sentencing submissions in relation to Mr Nowak’s case have been listed for hearing on 24 February 2020.
The Australian Taxation Office previously earmarked a number of superannuation and SMSF schemes as potentially unlawful, while SMSF auditors are expected to focus more clearly on specific details and evidence around a fund’s investment strategy across 2020, according to a new campaign.
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
