Ex-Sydney planner sentenced to 6 years in prison

Ross Andrew Hopkins was sentenced in the District Court of NSW after being convicted of 15 dishonesty offences under the Corporations Act, committed when he was the sole director of QWL Pty Ltd (QWL).

Mr Hopkins – who previously pleaded guilty to all charges – misappropriated his clients’ funds over a nearly three-year period (14 October 2016 to 8 October 2019), after he was assigned to manage their self-managed superannuation accounts, and used the funds for his own personal benefit, including holidays, paying rent and paying off his own personal credit cards and loans. 

“Mr Hopkins lied to his clients, and the Court’s decision demonstrates the seriousness of this conduct,” ASIC commissioner Danielle Press said.

“Financial advisers must be open and honest with their clients and if they aren’t, they face serious consequences.

“Financial advisers should always allow clients to have direct access to information about their own investments. If this is not occurring, clients should contact ASIC with their concerns.”

Acting District Court Judge Wood QC described Mr Hopkins’ behaviour as “deeply stupid”, nothing that “each of the victims trusted and relied on him for his expertise”.

Mr Hopkins is now automatically disqualified from managing a corporation for five years.

Judgement on reparation orders has been reserved until 7 July.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.