Company director pulled up by ASIC for unlicensed MIS

ASIC property managed investment scheme

27 July 2023
| By Rhea Nath |
image
image
expand image

ASIC has taken civil action against a company director for alleged unlicensed conduct and operating numerous unregistered managed investment schemes. 

The corporate regulator has applied to the Federal Court to disqualify director Sasha Hopkins and wind up his company, The A Team Property Group, five of the investment schemes and associated companies and trusts used by Hopkins.

ASIC alleges Hopkins and The A Team Property Group, neither of whom hold an Australian financial services licence, offered clients property investment opportunities either personally or through their self-managed superannuation fund (SMSF) into a “joint venture” development program for the purchase and development of real estate.

An investigation revealed that Hopkins and The A Team Property Group promoted at least 25 property development joint ventures, which raised over $32 million from clients.   

In June 2022, ASIC obtained interim orders to freeze the assets of Hopkins, The A Team Property Group and Sash Investment Holdings Pty Ltd.

It now seeks to disqualify Hopkins and undertake civil penalties for allegedly conducting a financial services business without an AFSL and operating unregistered managed investment schemes in breach of the law.

It also seeks an order to appoint a liquidator and wind up The A Team Property Group and the five Special Purpose Vehicles and schemes that remain on foot, including;

  • Ludlow St Hamilton Pty Ltd
  • Hunter Hopkins Project 2 Pty Ltd
  • Hunter Hopkins Project 6 Pty Ltd
  • Hunter Hopkins Project 7 Pty Ltd
  • Hunter Hopkins Project 8 Pty Ltd

Hopkins has provided undertakings in relation to the disbursement of sale proceeds from the sale of property developments managed by the five Special Purpose Vehicles above.  

Last month, the Federal Court ordered that an unlicensed financial adviser, Monica Kaur, and her husband, Sadu Singh, be permanently restrained from carrying on a financial business and wound up her unregistered managed investment scheme. 

Kaur operated a managed investment scheme without a licence or the required registration, encouraging some 300 investors to establish self-managed superannuation funds (SMSFs) and advised them to invest in property investments and developments set up by MKS Property, of which she and her husband were directors at various times. 

Read more about:

AUTHOR

Submitted by XXX on Thu, 2023-07-27 13:17

The Property A-Team were all over social media spruiking this, for years. And then ASIC does nothing until its too late. Well done.

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 week 4 days ago

Interesting. Would be good to know the details of the StrategyOne deal....

2 weeks 1 day ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

1 month ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

4 weeks 1 day ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 weeks ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

1 week 6 days ago

TOP PERFORMING FUNDS