Charterhill Group founder banned
The founder of the Charterhill Group of companies, George Nowak, has been banned by the Australian Securities and Investments Commission (ASIC) until 3 July, 2017.
The regulator announced the banning today, saying it was on the basis that Nowak was an undischarged bankrupt.
The ASIC announcement said its investigation into Nowak was ongoing, but that he had applied personal bankruptcy in July 2014 and that 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.
The ASIC announcement said Nowak had a right of appeal to the Administrative Appeals Tribunal for a review of its decision.
ASIC said it was continuing to investigate the conduct of Nowak and the activities of the Charterhill Group, which operated as a ‘one stop shop,' providing advice to clients on the establishment of SMFS, rollover of existing superannuation funds into an SMSF, sourcing and purchase of investment properties, property management, insurance and taxation.
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
As reports flow in of investors lining up to buy gold at Sydney’s ABC Bullion store this week, two financial advisers have cautioned against succumbing to the hype as gold prices hit shaky ground.
After three weeks of struggling gains, this week has marked a return to strong growth for adviser numbers, in addition to three new licensees commencing.
ASIC has banned a Melbourne-based financial adviser who gave inappropriate advice to his clients including false and misleading Statements of Advice.
