Ross Hopkins from Northern Sydney suburb Seaforth, appeared at the Downing Centre Local Court on Tuesday, where he pleaded guilty to 15 offences and was committed to the Sydney District Court for sentence.
The case against Hopkins alleged that between 14 October 2016 and 8 October 2019, as the sole director of advice firm QWL, he made 167 unauthorised transactions for 13 clients amounting to $2.94 million.
ASIC alleged the misappropriated funds were transferred into Hopkins’ own personal accounts, or accounts otherwise controlled by him, and used for his own benefits.
The regulator also alleged he made false representations about the nature of the unauthorised transfers to conceal his dishonest conduct and avoid detection.
QWL, which has held its AFSL since 2004, provided financial advice including dealing in securities and advising on self-managed superannuation funds.
ASIC commenced an investigation into Hopkins and the company in 2019, in response to allegations that QWL had failed to assist AFCA in resolving client complaints.
On 4 November 2019, ASIC obtained orders and undertakings restraining Hopkins and QWL from dissipating assets or providing financial services to clients.
On 18 November 2019, the regulator obtained an extension of those orders until 25 May 2020, with a further extension obtained until 23 November.
Following ASIC’s investigation, Hopkins was charged with dishonesty offences and then entered into an early guilty plea. Hopkins has been granted conditional bail.
The matter has been adjourned to the Sydney District Court for mention on 18 December.
The Commonwealth Director of Public Prosecutions is prosecuting the matter following a referral by ASIC.
Probably another one of those property floggers! who hood wink you into an overpriced Gold Coast or Melbourne property, and put it into a SMSF, they are not even a Financial Planners PA in my opinion, another area ASIC have not a clue about, stop calling them Financial Planers ASIC.
“Misappropriating”?….wouldn’t “stealing” be a better word to use in these sorts of cases. A burglar doesn’t misapprpriate your silverware and jewellrey.
I can tell you now that an Ethics course, FASEA exam or Uni qualification will never stop an individual who is driven to deliberately and purposefully deceive.
It is just like others you trust implicitly in your life, who then let you down to such an extent you question whether you ever really knew them anyway.
Ethics, acting ethically, being moral and being empathetic are qualities that cannot be taught and often cannot be entirely trusted as being present. The reason is that only that person knows where they stand on the line and whether or not they are prepared to cross it.
This example unfortunately does so much damage to all the trusted and ethical advisers who never do the wrong thing and would never intentionally do something to compromise their client.
Totally agree. If an Advisor is doing their job properly doing those sort of things should never remotely enter someone’s head. I would make the deterrent real simple and no need for ethics courses. 10 years non parole no questions asked
As a 30 year industry participant and never once thought how this sort of conduct could possibly enter into one’s thoughts. Can we as an industry just nominate to have the Law Makers just impose a massive big stick like 10 years non parole no exceptions no pathetic excuses and for a starter base line a financial bond lodged with the regulator say $100k minimum per
Advisor refunded at end of career or service with a Licensee. [c[color=navy][/color]olor=navy][/color]
How do these idiots think they can get away with this sort of thing in 2020 with electronic trails!!