ASIC has obtained interim orders from the Federal Court to freeze the assets of company director Sasha Hopkins and two of his companies, The A Team Property Group Pty Ltd (A Team) and Sash Investment Holdings Pty Ltd.
Mr Hopkins and A Team develop real property in Queensland, Victoria, New South Wales and South Australia and obtain investments from consumers to fund the purchase and development of these properties.
ASIC applied for these orders because it is concerned that Mr Hopkins and A Team have allegedly:
- told investors they can expect guaranteed returns from the joint venture property developments of 25-50 per cent over the life of the development, which was typically forecast to be between 18 and 24 months;
- been carrying on a financial services business without a licence by providing personal advice to investors, which included advising investors to rollover their superannuation into self-managed superannuation funds and using the rolled over superannuation to invest in property developments;
- been operating an unregistered managed investment scheme that ought to have been registered; and
- misused investor funds, including converting investor funds into crypto assets.
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.
On 31 May 2022, Mr Hopkins was also ordered to surrender his passport and be restrained from leaving Australia. On 6 June 2022, the Court amended the travel restraint order, permitting Mr Hopkins to travel to Europe between 10 June 2022 and 13 July 2022.
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