ASIC bans Charterhill director

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.

ifa sister publication SMSF Adviser broke the news that the Charterhill Group of companies were in trouble in January 2014.

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.

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