The offences related to Mr Nowak’s conduct dealing with members of SMSFs.

The SMSFs were undertaking property purchases offered by companies of which Mr Nowak was a director, including EJ Property Developments Pty Ltd, ASIC said.

The charges against Mr Nowak concerned the misappropriation of $1.2 million in SMSF money.

ASIC said Mr Nowak failed to hold the funds in a designated account and did not apply funds towards the intended property purchases in the period between December 2012 and December 2013.

In delivering the sentence, Judge Sophie David described the offending as of the utmost seriousness and noted that the fraud had a significant impact on the victims’ lives and was perpetuated in order to fund a lavish lifestyle.

“Mr Nowak deliberately misled his clients and used their funds for his own benefit. Mr Nowak dishonestly and deliberately breached his clients’ trust,” ASIC commissioner Danielle Press said.

“The court’s sentence reflects the seriousness of this conduct and the impact it had on Mr Nowak’s clients.”

ASIC said Mr Nowak is automatically disqualified from managing a corporation for five years following his conviction.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral of a prosecution brief from ASIC.