In a statement released this afternoon, ASIC announced it has banned George Nowak from providing financial services until 3 July 2017 on the basis that Mr Nowak is an undischarged bankrupt.
ASIC is also continuing to investigate the conduct of Mr Nowak and the activities of the Charterhill Group, which operated as a 'one stop shop,' providing advice to clients on the establishment of SMSFs, rollover of existing superannuation funds into an SMSF, sourcing and purchase of investment properties, property management, insurance and taxation.
ASIC's investigation, which is ongoing, found that Mr Nowak applied for personal bankruptcy in July 2014.
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.
Mr Nowak has a right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Mr Nowak is banned from providing financial services for the period of his bankruptcy. He is also automatically banned, under the Corporations Act, from acting as company director and being involved in the management of companies for this period.