Regulator says company and its director lacked the proper licences
The Australian Securities and Investments Commission (ASIC) has announced that it has launched civil proceedings against Sasha Hopkins, the director of The A Team Property Group, and his company.
The allegations against Hopkins pertain to purported unlicensed activities and the operation of multiple unregistered managed investment schemes.
ASIC has taken the matter to the Federal Court. The regulator said in a news release that it is seeking to wind up The A Team Property Group, along with five investment schemes, and associated companies and trusts connected to Hopkins. Additionally, the commission is pushing for a disqualification order against Hopkins, preventing him from managing corporations.
The core of ASIC's case revolves around the online and social media marketing strategies employed by Hopkins and The A Team Property Group. They allegedly offered property investment opportunities to clients, either directly or through their self-managed superannuation funds, presenting a “joint venture” development program for real estate purchase and development. However, ASIC contends that neither Hopkins nor his company held the necessary Australian Financial Services Licence to (AFSL) engage in such financial conduct.
According to the findings from ASIC's investigation, the accused entities promoted at least 25 property development joint ventures, amassing over $32 million from investors through these ventures.
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To address these alleged violations, ASIC is seeking various orders from the Federal Court. This includes civil penalty orders against Hopkins for purportedly conducting financial services without an AFSL and operating unregistered managed investment schemes, which are violations of the law.
ASIC also aims to appoint a liquidator to wind up The A Team Property Group and the five identified Special Purpose Vehicles and schemes: Ludlow St Hamilton Pty Ltd, Hunter Hopkins Project 2 Pty Ltd, Hunter Hopkins Project 6 Pty Ltd, Hunter Hopkins Project 7 Pty Ltd, and Hunter Hopkins Project 8 Pty Ltd.
Additionally, ASIC is seeking to disqualify Hopkins from managing corporations and engaging in any financial services business.
As part of its ongoing actions, ASIC has also secured undertakings from Hopkins regarding the disbursement of sale proceeds from property developments managed by the aforementioned five Special Purpose Vehicles.
This legal action follows interim orders obtained by ASIC in June 2022, effectively freezing the assets of Hopkins, The A Team Property Group, and Sash Investment Holdings Pty Ltd.
ASIC recently announced increased penalties for broker non-compliance and a new initiative to disrupt investment scams.
