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
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
