ASIC investigators allege that property developer Sasha Hopkins converted investor funds into cryptocurrency assets as part of its examination into Hopkins’ A Team Property group.
ASIC is examining A Team Property, Hopkins and other related entities for contraventions of the Corporation Act.
ASIC also alleges that Hopkins provided personal financial advice to investors without a licence.
Hopkins has been involved with a number of collapsed property developments and liquidators allege breaches of his duties as a director.
Liquidators for six collapsed companies associated with Hopkins are facing claims from more than 130 investors for a total of more than $23.5 million in loans and interest.
Some were promised up to 50 per cent returns.
Hopkins allegedly advised investors to move their superannuation into self-managed super funds and invest in volatile asset classes such as cryptocurrency, energy and foreign exchange trading.
Investors voiced their concern about Hopkins and A Team as early as 2016, with many posting to online property industry forums.
Hopkins and A Team ran multiple seminars for potential investors advising them on how to invest, according to forum posts.
A Team’s current website also encourages visitors to sign up for calls with the A Team Senior Wealth Strategy Team to “help set yourself up, build financial freedom and maximise the current opportunities”.
It also asks people to note that they must earn at least $60,000 a year or have $110,000 in their superannuation.
Four of the collapsed companies lent $11.4 million to seven companies owned by another Melbourne-based property developer, Greg Shaw (not the current chief executive of Mulpha), who has not paid it back.
The money came from $14.1 million raised from loans Hopkins took from investors via A Team Property Group.
Hopkins said it was Shaw who must bear the responsibility.
“There has never been any dishonesty or ill intent on my part and I am continuing to assist the liquidators and ASIC,” Hopkins said.
“It is Greg Shaw who needs to obey the County Court judgement against him and repay creditor funds.
“It is Shaw who needs to be held to account.”
In February this year, Shaw’s Luxe Advisory and Insert Capital Pty Ltd were ordered to pay back $4.1 million to Hopkins’ Hunter Capital Investments and Hunter Capital Investments 3 Pty Ltd.
Shaw owns 50 per cent of Luxe Advisory and 92 per cent of Insert Capital Pty Ltd.
Last week, ASIC froze Hopkins’ assets and Hopkins was ordered not to leave the country until noon on Monday but the order was amended allowing him to leave from June 10 for a planned vacation in Europe.
He will face severe penalties for not returning to the country by July 13 this year and surrendering his passport to the Federal Court.
