ASIC has made two orders permanently banning Abdullah Popal of Rouse Hill NSW from engaging in financial services and credit activities, following fraud convictions.
On 11 February 2026, Mr Popal was convicted of two counts of dishonestly obtaining a financial advantage by deception and was sentenced to 12 months of imprisonment to be served by way of intensive correction in the community. In addition, Mr Popal was ordered to perform 220 hours of Community Service Work.
The convictions related to Mr Popal accessing the bank accounts of former clients and transferring a total of $89,932 into accounts held in his own name, an offence under section 192E of the Crimes Act 1900 (NSW).
Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may permanently ban a person from providing financial services and engaging in credit activities if they are convicted of fraud.
Mr Popal has been banned permanently from:
- providing any financial services or engaging in any credit activities,
- controlling an entity that carries on a financial services business or engages in credit activities, and
- performing any function for an entity carrying on a financial services business or engaging in credit activities, including as an officer, manager, employee or contractor.
The banning took effect from 2 June 2026.
Mr Popal’s banning has been recorded on ASIC’s banned and disqualified register.
Mr Popal has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
Background
Between 4 May 2009 and 4 August 2024, Mr Popal was a director of Wealth Street Pty Ltd (Deregistered) (Wealth Street), a former authorised representative of financial services licensees. During this time, Mr Popal advised clients on purchasing property within self-managed superannuation funds (SMSFs). Mr Popal would also assist clients in setting up SMSF bank accounts. In order that Wealth Street could manage the SMSFs, Mr Popal was made signatory to those accounts.
Between 10 and 28 November 2024, without the authority of any clients, Mr Popal used his status as signatory on the bank accounts and transferred client funds into his own accounts.
