Director charged with misappropriating $1.8m SMSF monies
A South Australian company director has been charged with 31 counts of deception, after an investigation by the Australian Securities and Investments Commission (ASIC).
The investigation found George John Nowak had allegedly misappropriated $1.8 million in self-managed superannuation fund (SMSF) monies.
ASIC said Nowak allegedly misappropriated funds when SMSF members intended to buy properties, through companies that he was a director of, including EJ Property Developments.
ASIC said he didn't put members funds towards "the intended property purchase" and he also didn't put clients monies in to a "designated account".
Nowak appeared before the Adelaide Magistrates Court and was granted conditional bail.
His next court appearance was listed for 12 July 2016.
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