Former financial adviser charged in alleged $160k super fraud case

Former financial adviser Abdullah Popal has been charged with alleged fraud offences in Sydney's north-west, accused of hoodwinking five individuals out of over $160,000 from their self-managed super funds (SMSFs).

A statement from Police NSW said officers began an investigation after five individuals reported unauthorised access to SMSFs in November last year. On Tuesday morning, police executed a search warrant at a residence in Rouse Hill, where Popal was arrested and subsequently taken to Riverstone Police Station.

He was then charged with five counts of dishonestly obtaining financial advantage by deception.

He was granted conditional bail to appear at Blacktown Local Court on June 16.

According to the Financial Advisers Register, Popal first provided financial advice in 2004 and was previously an authorised representative for Alpha Investment Management from April 2014 to March 2016.

During this period, he was licensed to advise on SMSFs, though restricted from providing advice on limited recourse borrowing arrangements or setting up SMSFs.

His financial adviser status is now listed as "ceased" and he isn't currently registered.

The exact date his registration ceased isn't clear, but his last recorded appointment ended nearly nine years before the reported offences began.

Popal founded Wealth Street in 2020 with John Zada, specialising in property investment.

The company employs a string of former rugby league players including Sam Burgess, George Burgess, and Luke Burgess, as well as Liam Knight in different capacities, however, there's no suggestion of any wrongdoing on their part.

It touts that its founders are passionate about educating Australians on reducing debt, minimising tax, growing wealth, and retirement planning.

Popal's biography, once featured on Wealth Street's website, has since been removed.