A South Australian director has been charged with misappropriating $1.8 million in SMSF property investments, following an ASIC investigation.
In a public communication, ASIC stated that George John Nowak appeared in the Adelaide Magistrates' Court charged with 31 counts of deception and one count of dishonest dealings with documents.
ASIC said this follows an investigation into Mr Nowak's conduct in dealing with members of SMSFs who were undertaking property purchases offered by companies of which he was a director, including EJ Property Developments Pty Ltd.
It is alleged that Mr Nowak misappropriated $1.8 million in SMSF monies by not holding funds in a designated account and by not applying those funds towards the intended property purchase, according to ASIC.
Mr Nowak was not required to enter a plea and was granted conditional bail.
The matter is listed for return at the Adelaide Magistrates' Court on 12 July.
ASIC noted that the charges of deception contrary to section 139(b) of the SA Criminal Law Consolidation Act 1935, and the charge of dishonest dealings with documents contrary to section 140 of the SA Criminal Law Consolidation Act 1935, each carry a maximum penalty of ten years imprisonment.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 17 Aug 2017Industry questions ATO’s capacity for new reportingBy Miranda Brownlee
- 17 Aug 2017Qld succession law changes tipped to impact SMSFsBy Miranda Brownlee
- 16 Aug 2017Contribution limits restricting future balances, warns mid-tierBy Staff Reporter
- 16 Aug 2017SMSF firms underprepared for events-based reportingBy Miranda Brownlee
- 15 Aug 2017SMSF auditor disqualified for misconductBy Staff Reporter
- 15 Aug 2017Class gains market share in financial year resultsBy Staff Reporter
- view all
- Industry questions ATO’s capacity for new reporting
With events-based reporting set to generate huge amounts of data, concerns have been raised about whether the ATO’s systems will be able t...read more
- Contribution limits restricting future balances, warns mid-tier
Clients hoping to accumulate a superannuation balance of $1.6 million by age 65 will need to start taking full advantage of concessional con...read more
- SMSF firms underprepared for events-based reporting
A straw poll has revealed that the majority of SMSF firms currently feel their firm is not equipped to deal with the proposed events-based r...read more
- view all