Charterhill director pleads guilty

24 February 2020

Charterhill director, George Nowak, has pleaded guilty to 17 counts of aggravated deception and one count of dishonest dealings with documents in the District Court of South Australia.

In an announcement, the Australian Securities and Investments Commission (ASIC) said Nowak entered the plea to 18 charges including one representative charge, that effectively covered six of the deception counts as one. This was the third week of his criminal trial on these charges.

The charges against Nowak concerned the misappropriation of $1.2 million in self-managed superannuation fund (SMSF) monies by not holding those funds in a designated account and by not applying those funds towards the intended property purchase.

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The SMSF members were undertaking property purchases offered by companies of which Nowak was a director, including EJ Property Developments.

Nowak was the founder of the Charterhill Group of companies and the companies in the group that have been placed under external control are:

  • Lending Solutions International Pty Ltd;
  • Nova Real Estate Pty Ltd;
  • EJ Property Developments Pty Ltd; and
  • Financial Wellness Pty Ltd.

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