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
- 16 Jan 2019ASIC imposes conditions on Sydney licenseeBy Adrian Flores
- 16 Jan 2019FASEA locks in educational pathways policyBy Adrian Flores
- 16 Jan 2019Industry fund makes advice market move with hiresBy Adrian Flores
- 16 Jan 2019ANZ pushes on with wealth sale to IOOFBy Adrian Flores
- 15 Jan 2019Advisers to embrace AI ahead of FASEA codeBy Adrian Flores
- 15 Jan 2019Managed Accounts shakes up senior teamBy Sarah Simpkins
- view all