ASIC bans adviser over $89,932 fraud

Binaya Dahal

Journalist

16 June 2026

The Australian Securities and Investments Commission (ASIC) has permanently banned Abdullah Popal from the financial services and credit industries following his conviction of stealing nearly $90,000 from client accounts.

The corporate regulator on Monday announced that the ban, which came into effect on 2 June, prohibits Sydney-based former adviser from providing financial services, engaging in credit activities, controlling a financial services or credit business, or working for such an entity.

ASIC said it made the decision under the powers in Corporations Act 2001 and the National Consumer Credit Protection Act 2009, which allow it to permanently exclude individuals convicted of fraud-related offences.

The court convicted Popal on 11 February 2026 of two counts of dishonestly obtaining a financial advantage by deception. It sentenced him to 12 months’ imprisonment to be served through an intensive correction order, along with 220 hours of community service.

Court findings revealed that Popal accessed former clients’ bank accounts and transferred a total of $89,932 into accounts in his own name. The offences occurred between 10 and 28 November 2024 and prosecutors charged him under section 192E of the Crimes Act 1900 (NSW).

At the time of the misconduct, Popal was the director of Wealth Street Pty Ltd, which he held from May 2009 until August 2024. The now-deregistered company provided advice on property investment strategies through self-managed superannuation funds.

ASIC said Popal had previously assisted clients in setting up SMSF bank accounts and had made a signatory on those accounts to facilitate fund management. He later used that authority to transfer client funds without their knowledge or consent.

The regulator has recorded Popal’s details on its banned and disqualified register. He retains the right to seek a review of the decision by the Administrative Review Tribunal.