Is it permissible for a father to squander his money on corruption and amusement, without providing for his family, and is he free to do as he pleases with his possessions?

The father erred by squandering money on frivolous pursuits, whereas his duty is to uphold the boundaries set by his Lord and be a good role model for his children. Your duty is to advise him and guide him towards the truth, as Allah Almighty says: "O you who have believed, protect yourselves and your families from a Fire."