The Australian Securities and Investment Commission (ASIC) has handed down two banning orders against Abdullah Popal of Rouse Hill NSW following his conviction earlier this year.
On 11 February this year, Popal was convicted of two counts of dishonestly obtaining a financial advantage by deception, according to ASIC, and was subsequently sentenced to 12 months imprisonment to be served by way of intensive correction in the community. He has also been orders to serve 220 hours of community service work.
Popal served as a director of Wealth Street Pty Ltd between May 2009 and August 2024, during which time he advised clients on property investments through self-managed superannuation funds (SMSFs) and assisted them with establishing SMSF bank accounts.
As part of those arrangements, Popal was appointed a signatory on client SMSF accounts so Wealth Street could manage the funds.
However, ASIC alleged that between 10 and 28 November 2024, Popal used that authority to transfer money from client SMSF accounts into accounts under his control without the knowledge or consent of the affected clients.
In total, Popal was charged with taking $89,932 from clients, according to the regulator.
“Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may permanently ban a person from providing financial services and engaging in credit activities if they are convicted of fraud,” the regulator said.
Mr Popal has been banned permanently from:
- Providing any financial services or engaging in any credit activities,
- Controlling an entity that carries on a financial services business or engages in credit activities, and
- Performing any function for an entity carrying on a financial services business or engaging in credit activities, including as an officer, manager, employee or contractor.
The ban took effect as of 2 June 2026.
Other recent ASIC bans include former Brite Advisors responsible manager Gerard Duffy, who was permanently banned from providing financial services after the regulator found he failed to adequately manage conflicts of interest and lacked the honesty and integrity required to participate in the financial services industry.
The ban prevents Duffy from providing financial services, controlling a financial services business, or performing any role within one. ASIC’s findings related to his conduct while associated with Brite Advisors, whose AFSL was cancelled in 2025 following a Compensation Scheme of Last Resort payment linked to an unpaid AFCA determination.
