A \u201cdeeply stupid\u201d financial planner who embezzled $2.9 million from his clients\u2019 accounts and then tried to cover up his offences has been sentenced to six years jail.<\/p>\n
Ross Andrew Hopkins copped a dressing down from the judge and a lengthy jail sentence at his sentencing hearing in the Sydney District Court this week.<\/p>\n
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A photo of Ross Hopkins taken 15 years ago. <\/span>Credit:<\/span>Andrew Quilty<\/cite><\/p>\n Hopkins, from Killara on Sydney\u2019s upper north shore, last year pleaded guilty to 15 dishonesty offences involving his handling of client money. He will serve at least four years in jail before being eligible to apply for parole.<\/p>\n The charges were laid after an investigation by the Australian Securities and Investment Commission (ASIC).<\/p>\n Acting District Court Judge Gregory Woods QC said Hopkins had breached his clients\u2019 trust when committing his crimes.<\/p>\n \u201c[Mr Hopkins was a] trusted financial adviser, managing funds pretending it was business-like, lawful and profitable. Each of the victims trusted and relied on him for his expertise. Some considered him a friend,\u201d Judge Woods said.<\/p>\n Judge Woods described Hopkins\u2019 conduct as \u201cdeeply stupid\u201d, but \u201cbeing stupid is no defence or mitigation\u201d.<\/p>\n The court heard that between October 2016 and October 2019, Hopkins managed his clients\u2019 self-managed superannuation accounts, which gave him complete control over their superannuation including the ability to make transactions through their accounts. ASIC accused him of making 167 unauthorised transactions for 13 clients to his firm QWL Pty Ltd over the three-year period.<\/p>\n All up, Hopkins siphoned $2.9 million of his clients\u2019 money, which he spent on holidays, rent, credit card debts and repaying other personal loans.<\/p>\n Hopkins also made transfers from clients\u2019 accounts to pay back one client who had been questioning the planner over money that was missing from his accounts, the court heard.<\/p>\n ASIC Commissioner Danielle Press welcomed the sentence.<\/p>\n \u201cMr Hopkins lied to his clients, and the court\u2019s decision demonstrates the seriousness of this conduct. Financial advisers must be open and honest with their clients and if they aren\u2019t, they face serious consequences.\u201d<\/p>\n \u201cFinancial advisers should always allow clients to have direct access to information about their own investments. If this is not occurring, clients should contact ASIC with their concerns.\u201d<\/p>\n ASIC has sought reparation orders for Hopkins\u2019 clients. Judgment on that aspect of the case has been reserved until July 7.<\/p>\n A concise wrap of the day on the markets, breaking business news and expert opinion delivered to your inbox each afternoon. Sign up\u00a0here.<\/p>\nMarket Recap<\/h3>\n
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