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
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
