ASIC has banned Charterhill founder George Nowak from providing financial services until 3 July 2017.
A statement by the corporate regulator said the banning was made on the basis that Mr Nowak is an undischarged bankrupt.
Mr Nowak applied for personal bankrupty in July 2014, said ASIC.
His banning will last for the period of his bankruptcy.
"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," said ASIC.
Mr Nowak has a right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
It was also reported that at least $6 million of SMSF investor funds had gone missing from subsidiary firm Nova Real Estate Pty Ltd and that ASIC was investigating Charterhill Group
Mr Nowak and his wife Betty Nowak had their assets frozen by the Federal Court in February 2014.
The ASIC investigation is continuing.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Nov 2018FASEA standards still raise questions: AFABy Eliot Hastie
- 20 Nov 2018Industry group slams ‘cosmetic’ changes by FASEABy James Mitchell
- 20 Nov 2018‘Culture’ at the heart of CBA advice failingsBy Adrian Flores
- 20 Nov 2018Netwealth reveals new licensee partnershipBy Adrian Flores
- 19 Nov 2018ClearView launches dealer services offerBy Adrian Flores
- 19 Nov 2018Lonsec introduces super research to advisersBy Sarah Simpkins
- view all