Adviser pleads guilty to misappropriating $2.9m
Sydney financial adviser Ross Hopkins has pleaded guilty to misappropriating $2.9 million in client funds following an investigation by the Australian Securities and Investments Commission (ASIC).
It was alleged between 14 October, 2016, and 8 October, 2019 that Hopkins made 167 unauthorised transactions involving 13 clients as sole director of QWL.
ASIC alleged the misappropriated funds were transferred into personal accounts owned by Hopkins.
It was further alleged that he made false representations about the nature of the unauthorised transfers to conceal his dishonest conduct and avoid detection.
Following the investigation from the corporate regulator, Hopkins was charged with dishonesty offenses and entered an early guilty plea where he was granted conditional bail.
On 17 November, 2020, the Seaforth resident appeared at the Downing Centre Local Court where he pled guilty to 15 offenses under the Corporations Act and was committed to the Sydney District Court for sentencing.
The Commonwealth Director of Public Prosecutions was prosecuting the matter following the referral from ASIC and the matter had been adjourned to the Sydney District Court for mention on 18 December 2020.
AUTHOR
Chris Dastoor
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
