Charterhill director George Nowak has been sentenced to 10 years of imprisonment for misappropriating $1.2 million in self-managed superannuation fund (SMSF) monies to fund a lavish lifestyle.
The District Court of South Australia’s sentence included a non-parole period of six years and three months. Nowak was also automatically disqualified from managing a corporation for five years.
The sentence followed Nowak pleading guilty to 17 counts of aggravated deception and one count of dishonest dealings with documents in February.
The SMSFs were undertaking property purchases offered by companies Nowak was a director of, including EJ Property Developments.
Judge Sophie David noted in her sentencing that the “fraud had a significant impact on the victims’ lives and was perpetuated in order to fund a lavish lifestyle”.
The Australian Securities and Investments Commission (ASIC) commissioner Danielle Press said: “Mr Nowak deliberately misled his clients and used their funds for his own benefit.
“Mr Nowak dishonestly and deliberately breached his clients’ trust. The court’s sentence reflects the seriousness of this conduct and the impact it had on Mr Nowak’s clients.”