POWERED BY MOMENTUM MEDIA
Charterhill director pleads guilty
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.
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.
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
