Business
Northern beaches man embezzled $2.9 million from super and investment funds – Sydney Morning Herald
Ross Hopkins, owner of fund manager QWL, will soon be sentenced for misappropriating the funds of 13 clients, including self-managed super funds.
Hopkins had clients set up share trading accounts to which he had access and the “authority to facilitate the buying and selling of financial products on the client’s behalf at his own discretion”.
Clients had negligible input or oversight over the transfers Hopkins was making and relied on him to manage their trading.
QWL, of which Hopkins was the only staff member, provided monthly investment reports and the unauthorised transactions would be given misleading labels to make them appear legitimate.
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