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Court freezes assets and passport of property investment firm

07 February 2014 Staff Reporter

The founder of a ‘one-stop shop’ for investment and property management and advice has had his assets frozen and his travel restricted by order of the Federal Court.

The decision came as the Australian Securities and Investments Commission (ASIC) continues its investigation into George Nowak and the collapse of Charterhill, a group of companies specialising in property investment through self-managed super funds (SMSFs).

Companies that have been placed under external control as a result of the collapse include Lending Solutions, Nova Real Estate, EJ Property Developments and Financial Wellness.

According to ASIC, the group operated as a “one-stop shop”, providing advice to clients on the establishment of SMSFs, rollover of existing superannuation funds into an SMSF, property management, sourcing and purchase of investment properties, insurance and taxation.

Mr Nowak and his wife Betty Nowak were ordered by the Federal Court in Adelaide to surrender their passports and have been prohibited from travelling outside of Australia.

The court also restricted Mr and Mrs Nowak from disposing of or dealing with any assets.

Court freezes assets and passport of property investment firm
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