On 11 February 2026, Abdullah 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, Popal was ordered to perform 220 hours of Community Service Work.
Between 4 May 2009 and 4 August 2024, Popal was a director of Wealth Street Pty Ltd (Deregistered), a former authorised representative of financial services licensees.
During this time he advised clients on purchasing property within self-managed superannuation funds and would also assist clients in setting up SMSF bank accounts. Popal was made signatory to those accounts so that Wealth Street could manage the SMSFs.
Between 10 and 28 November 2024, without the authority of any clients, Popal used his status as signatory on the bank accounts and transferred client funds into his own accounts.
The convictions related to 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.
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.
Popal has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
