The Australian Securities & Investments Commission has made two orders permanently banning Abdullah Popal of Rouse Hill, New South Wales, from providing financial services and engaging in credit activities following fraud convictions. The orders also prohibit him from controlling an entity that carries on a financial services business or engages in credit activities, and from performing any function for such an entity, including as an officer, manager, employee or contractor. The bans took effect on 2 June 2026. On 11 February 2026, Popal was convicted of two counts of dishonestly obtaining a financial advantage by deception and sentenced to 12 months of imprisonment to be served by way of intensive correction in the community, along with 220 hours of community service work. The convictions related to his accessing former clients' bank accounts and transferring AUD 89,932 into accounts in his own name without authority between 10 and 28 November 2024. During his time as a director of Wealth Street Pty Ltd, a former authorised representative of financial services licensees, he advised clients on property purchases within self-managed superannuation funds and was made a signatory to SMSF bank accounts that Wealth Street managed. The banning has been recorded on ASIC's banned and disqualified register. Popal has the right to appeal ASIC's decision to the Administrative Review Tribunal.
Australian Securities & Investments Commission2026-06-15
Australian Securities & Investments Commission permanently bans Abdullah Popal after fraud convictions over AUD 89,932 in client fund transfers
ASIC has permanently banned Abdullah Popal from financial services and credit activities after fraud convictions tied to unauthorized transfers of AUD 89,932 from former clients' bank accounts. The orders, effective 2 June 2026, also bar him from controlling or working for financial services or credit businesses. Popal may seek a review of the decision at the Administrative Review Tribunal.