Powered by MOMENTUM MEDIA
subscribe to our newsletter

CEO banned until 2017

The man behind a collapsed financial services group that offered mortgage broking and property investment advice has been banned by the corporate regulator from providing financial services for over two years.

ASIC has banned the founder of the Charterhill Group of Companies (Charterhill Group), George Nowak, from providing financial services until 3 July 2017 on the basis that Mr Nowak is an undischarged bankrupt.

ASIC's investigation, which is ongoing, found that Mr Nowak applied for personal bankruptcy in July last year. 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.

Mr Nowak has a right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Mr Nowak is banned from providing financial services for the period of his bankruptcy. He is also automatically banned, under the Corporations Act, from acting as company director and being involved in the management of companies for this period.

Advertisement
Advertisement

ASIC is continuing to investigate the conduct of Mr Nowak and the activities of the Charterhill Group, which operated as a one-stop shop by offering a range of services including mortgage broking, real estate marketing, property management, contract negotiation and SMSF advice.

At least four related entities of the Adelaide-based group entered insolvency in January/February 2014 with $19.1 million of debt, according to recent ASIC documents.

In total, only $89,000 of the $19.1 million in debts has been recovered, or less than 0.5 cents in the dollar.

Charterhill director George Nowak was ordered in February 2014 to surrender his passport.

CEO banned until 2017

PROMOTED CONTENT


>ASIC has banned the founder of the Charterhill Group of Companies (Charterhill Group), George Nowak, from providing financial services until 3 July 2017 on the basis that Mr Nowak is an undischarged bankrupt.

ASIC's investigation, which is ongoing, found that Mr Nowak applied for personal bankruptcy in July last year. 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.

Mr Nowak has a right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Mr Nowak is banned from providing financial services for the period of his bankruptcy. He is also automatically banned, under the Corporations Act, from acting as company director and being involved in the management of companies for this period.

ASIC is continuing to investigate the conduct of Mr Nowak and the activities of the Charterhill Group, which operated as a one-stop shop by offering a range of services including mortgage broking, real estate marketing, property management, contract negotiation and SMSF advice.

At least four related entities of the Adelaide-based group entered insolvency in January/February 2014 with $19.1 million of debt, according to recent ASIC documents.

In total, only $89,000 of the $19.1 million in debts has been recovered, or less than 0.5 cents in the dollar.

Charterhill director George Nowak was ordered in February 2014 to surrender his passport.

CEO banned until 2017
mortgagebusiness

Latest News

Providing more efficient loan approvals is “within the control of the lenders” and does not require changes to the law, according to Mon...

The chief executive of CBA has called for more regulation for the buy now, pay later market, outlining that some players have now outgrown ...

NAB chief executive Ross McEwan has urged state governments to speed up the development of land for residential construction to ease pressu...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Citi’s exit and bank turnaround time disparities

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.