George Nowak, founder of the Charterhill Group, 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 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, sourcing and purchase of investment properties, property management, 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.