The Australian Securities and Investments Commission (ASIC) has taken steps to shut down an unlicensed financial services business it claims recommended SMSFs as an investment vehicle from which investors could loan money back to the business.
ASIC stated it had, via the Federal Court, obtained interim orders and injunctions against A One Multi Services Pty Ltd and its Gold Coast-based directors, Aryn Hala and Heidi Walters.
The corporate regulator alleged Hala told investors he could help them invest their superannuation into an SMSF then loan that money to A One Multi after which they would receive annual investment returns of more than 20 per cent.
The investigation found more than 60 consumers had deposited about $25 million into A One Multi’s accounts between 1 January 2019 and 20 June 2021.
ASIC alleged Hala used more than $5.7 million of the company’s money for his own and Walters’ personal benefit, including purchasing property and luxury vehicles in their names, and more than $2.4 million was transferred from A One Multi to purchase cryptocurrency assets.
On 21 October, the court ordered that A One Multi be placed into receivership and asset preservation orders be made against Hala, Walters and A One Multi.
Hala and Walters were also to be restrained from travel, ordered to disclose information to ASIC against the directors and the company in relation to the crypto-asset holding and transfer any crypto-assets in Hala’s name to the receivers.
Following the transfer of the first tranche of crypto-assets, further orders were made on 1 November requiring the defendants to attend an ASIC office to facilitate the transfer of remaining crypto-assets held or controlled by the defendants to the receivers.
A final hearing into the conduct of Hala, Walters and A One Multi is currently pending and ASIC stated its investigation was ongoing.
