Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Assets of SMSF property promoter frozen

ASIC/SMSF/federal-court/australian-securities-and-investments-commission/financial-ombudsman-service/superannuation-funds/

7 February 2014
| By Staff |
image
image image
expand image

The Australian Securities and Investments Commission (ASIC) has frozen the assets of collapsed a self-managed superannuation fund (SMSF) provider and restricted the travel of the company's founder and his wife. 

ASIC made the moves after receiving Federal Court approval to freeze all assets owned or held by the founder of the Charterhill group of companies, George Nowak, and his wife, Betty Nowak.  

The regulator stated that Charterhill provided advice on the establishment of SMFS as well as the rollover of existing superannuation funds into an SMSF, and the sourcing and purchase of investment properties within SMSF vehicles. 

ASIC said it was investigating the management and activities of the Charterhill group, and as a result the Federal Court ordered the surrender of the Nowak's passports and restricted their travel out of Australia. 

Four companies within the Charterhill Group, which is based in Adelaide, have been placed under external control, with liquidators and external administrators from Heard Phillips appointed to Lending Solutions International Pty Ltd and Nova Real Estate Pty Ltd. Receivers and managers from Pitcher Partners have been appointed to EJ Property Developments Pty Ltd and Financial Wellness Pty Ltd.  

Clients and creditors of the four companies have been encouraged by ASIC to contact the external administrators and managers, or to contact the Financial Ombudsman Service in the event they are not satisfied with the resolutions offered. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

2 days 21 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

3 weeks 6 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

4 weeks 1 day ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

5 days 15 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND