ASIC has launched civil action against a Melbourne businessman who reportedly left more than 130 investors chasing millions of dollars in unpaid loans and interest from collapsed companies linked to him.
The corporate watchdog said it was taking the action against 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 Hopkins.
As well, ASIC is seeking to disqualify Hopkins from managing corporations.
ASIC alleges that 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 Hopkins or The A Team Property Group hold an Australian Financial Services License (AFSL) that permitted them to engage in this conduct, ASIC said.
ASIC’s investigation revealed that Hopkins and The A Team Property Group promoted at least 25 property development joint ventures, which raised over $32 million from small-scale clients, including “mum and dad” investors.
It was revealed in March last year that six companies linked to Hopkins, who had secured land in Brisbane, Byron Bay and Melbourne for apartment projects, had collapsed, leaving investors high and dry.
Construction was delayed or did not begin after four of the companies advanced investor money to Melbourne-based property developer Greg Shaw and failed to retrieve it.
Shaw was declared bankrupt in March of this year over defaulting on payments of almost $9.6 million to firms related to Hopkins.
ASIC said it was seeking 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.
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.
This action comes after ASIC obtained interim orders in June 2022 to freeze the assets of Hopkins, The A Team Property Group and Sash Investment Holdings Pty Ltd.
