Between 31 May 2022 and 7 June 2022, ASIC obtained three freezing orders against the Mr Hopkins and his companies. In doing so, the Federal Court of Australia ordered: 1) the Defendants’ assets be frozen; 2) the disclosure of existing assets to the Court; 3) the appointment of a receiver over digital assets; and 4) restriction of travel.
Mr Hopkins is the founder of various unlicensed property investment companies, which promised retail investors significant returns on their investments.
The Defendants pitched lucrative investment schemes that involved the pooling of funds and development of properties all over Australia. The A Team primarily advertised on social media where it is described as ‘the fastest growing property mentoring company in Australia’.
Following the collapse of six companies linked to Mr Hopkins, investors are now pursuing up to $23.5 million of unpaid loans and interest. ASIC has alleged that the Defendant’s engaged in improper conduct, which resulted in the collapse of the companies and the subsequent loss of investor funds.
In seeking freezing orders, ASIC highlighted the protection of investor funds as a key basis of their application. The application outlined ASIC’s concerns that the Defendants had allegedly:
Justice Beach ultimately made, over a series of weeks, orders of the nature that:
ASIC will continue to seek oppressive injunctive relief where it considers the protection of investor funds is required, including where the companies fall outside of the AFSL regime.
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Liam Hennessy, Partner
Daniel Maroske, Director