On 19 February 2020, Mr George Nowak pleaded guilty in the District Court of South Australia to 17 counts of aggravated deception and 1 count of dishonest dealings with documents.
Mr Nowak entered the plea during the third week of his criminal trial on these charges. The plea to 18 charges includes one representative charge, that effectively covers six of the deception counts as one.
ASIC investigated Mr Nowak’s conduct in dealing with members of self-managed superannuation funds (SMSFs), who were undertaking property purchases offered by companies of which he was a director, including EJ Property Developments Pty Ltd.
Charges laid against Mr Nowak concern the misappropriation of $1.2 million in SMSF monies by not holding those funds in a designated account and by not applying those funds towards the intended property purchase.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
Sentencing submissions are listed for 24 February 2020.
