The Australian Securities and Investments Commission (ASIC) has obtained interim orders freezing the assets of a property developer and related companies after finding they were allegedly providing advice to make rollovers into an SMSF for the purpose of investing in property developments.
The corporate watchdog stated it had applied for orders in the Federal Court against company director Sasha Hopkins and two of his companies, The A Team Property Group and Sash Investment Holdings, which obtain investments from clients to fund the purchase and development of real property in Queensland, Victoria, New South Wales and South Australia.
ASIC added it has sought the orders as it was concerned Hopkins and The A Team Property Group had allegedly been operating a financial services business without a licence and advising investors to roll over their superannuation funds into an SMSF and using those funds to invest in property developments.
It also alleged Hopkins and The A Team Property Group told investors to expect guaranteed returns from the joint venture property developments of 25 per cent to 50 per cent over the development’s cycle, which was expected to be 18 to 24 months.
Additionally, Hopkins and The A Team Property Group are alleged to have been operating an unregistered managed investment scheme and misusing investor funds, which included converting investor funds into cryptocurrency assets.
ASIC stated Hopkins is the sole shareholder, director and company secretary of The A Team Property Group and Sash Investment Holdings, but since late 2014, he has been the director of 46 companies and that he and/or the companies have been involved with up to 28 property developments.
“Justice Beach ordered that A Team, Sash Investment Holdings and Mr Hopkins’ assets be frozen, that they disclose their existing assets to the court and that a receiver be appointed to Mr Hopkins’ cryptocurrency assets,” it noted.
Hopkins was directed to surrender his passport on 31 May, and while original directions restrained him from leaving Australia, he has been permitted to travel to Europe between 10 June and 13 July.
