Wealth Street director permanently banned

The financial services regulator has made two orders permanently banning Abdullah Popal of Rouse Hill NSW, a former planner and self-managed super fund adviser at deregistered financial services company Wealth Street Pty Ltd, from engaging in financial services and credit activities after he was convicted of two counts of dishonestly obtaining a financial advantage by deception.

His convictions related to findings that he had accessed 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).

According to a court case brought against him by the Australian Securities & Investments Commission (ASIC), the former director of Wealth Street Pty Ltd advised clients on purchasing property within self-managed superannuation funds (SMSFs) between 4 May 2009 and 4 August 2024.

In this role, he would also assist clients in setting up SMSF bank accounts.

In order that Wealth Street could manage the SMSFs, he was made signatory to those accounts.

However, the court found that between 10 and 28 November 2024, Popal used his status as signatory on the bank accounts and transferred client funds into his own accounts, without the authority of any clients.

As such, on 11 February 2026, Popal was sentenced to 12 months of imprisonment to be served by way of intensive correction in the community, and ordered to perform 220 hours of community service work.

Given the Corporations Act 2001 and National Consumer Credit Protection Act 2009 gives ASIC the power to permanently ban a person from providing financial services and engaging in credit activities if they are convicted of fraud, Popal has now been permanently banned 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.

He has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.

[Related: APRA disqualifies former Xinja chair for 6 years]

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