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
Greater consistency across the ASIC adviser exam has helped boost the number of first-time candidates this year with many opting to sit before undertaking a Professional Year.
Financial advice practice Eureka Whittaker Macnaught is in the process of acquiring three firms to boost its annual revenue to $25 million.
AMP has partnered with Dimensional Fund Advisors and SouthPeak IM to launch a suite of investment solutions aimed at expanding retail access to traditionally institutional funds.
The Financial Advice Association Australia has appealed to licensees to urgently update their FAR records as hundreds of advisers are set to depart by the end of the year.
