The Australian Securities and Investments Commission (ASIC) has issued two orders permanently banning Abdullah Popal, former director of Wealth Street Pty Ltd, from engaging in financial services and credit activities, following fraud convictions.

Between 4 May 2009 and 4 August 2024, Mr Popal was a director of Wealth Street Pty Ltd (Deregistered), 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.

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).

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 ban took effect on 2 June 2026.

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