ASIC has taken civil action against director Sasha Hopkins and his company, The A Team Property Group, for alleged unlicensed conduct and operating numerous unregistered managed investment schemes.
ASIC has also applied to the Federal Court for the winding up of The A Team Property Group, five of the investment schemes and associated companies and trusts used by Mr Hopkins. Additionally, ASIC seeks to disqualify Mr Hopkins from managing corporations.
ASIC alleges that Mr Hopkins and The A Team Property Group marketed its business online and on social media, offering clients property investment opportunities either personally or through their self-managed superannuation fund (SMSF) into a ‘joint venture’ development program for the purchase and development of real estate. At no time did Mr Hopkins or The A Team Property Group hold an Australian Financial Services License (AFSL) that permitted them to engage in this conduct.
ASIC’s investigation revealed that Mr Hopkins and The A Team Property Group promoted at least 25 property development joint ventures, which raised over $32 million from clients.
ASIC seeks from the Federal Court:
- civil penalty orders against Mr Hopkins for allegedly conducting a financial services business without an AFSL and operating unregistered managed investment schemes in breach of the law;
- an order to appoint a liquidator and wind up The A Team Property Group;
- orders to appoint liquidators and wind up the five Special Purpose Vehicles and schemes that remain on foot, including;
- Ludlow St Hamilton Pty Ltd
- Hunter Hopkins Project 2 Pty Ltd
- Hunter Hopkins Project 6 Pty Ltd
- Hunter Hopkins Project 7 Pty Ltd
- Hunter Hopkins Project 8 Pty Ltd
- orders disqualifying Mr Hopkins from managing corporations and restraining him from carrying out a financial services business.
Mr Hopkins has also provided undertakings in relation to the disbursement of sale proceeds from the sale of property developments managed by the five Special Purpose Vehicles above.
Download
Amended Originating Application
Background
This action comes after ASIC obtained interim orders in June 2022 to freeze the assets of Mr Hopkins, The A Team Property Group and Sash Investment Holdings Pty Ltd (22-138MR).
Moneysmart helps Australians take control of their money with free tools, tips and guidance. Find out more about investing in listed and unlisted property schemes and the rules, costs and risks of setting up an self-managed super fund (SMSF) to invest in residential property.
Editor's note:
A case management hearing has been scheduled for 10 November 2023.
Editor's note 2:
The matter has been listed for a further case management hearing on 5 December 2023.
Editor's note 3:
The matter has been listed for a further case management hearing on 10 May 2024.
Editors note 4:
The matter has been listed for a further case management hearing on 13 September 2024.
Editors note 5:
The matter has been listed for a final hearing on 27 November 2024 (Orders).