The Australian regulator has announced that it is taking steps to shut down unlicensed financial services business A One Multi Services Pty Ltd. ASIC suspects the entity to be engaging in unlawful activity.
The watchdog has obtained orders and injunctions from the Federal Court against A One Multi and its Gold Coast-based directors Aryn Hala and Heidi Walters in order to protect investors.
According to ASIC’s announcement, over 60 consumers deposited $25 million into A One Multi’s accounts in the period between 1 January 2019 and 30 June 2021. ASIC stated that over $2.4 million were transferred from A One Multi to buy crypto-assets.
It is alleged Mr Hala represents to investors that he can help them invest their superannuation in a self-managed superannuation fund (SMSF) and then loan the money in their SMSF to A One Multi. ASIC alleges Mr Hala told investors that they would receive annual investment returns of over 20%.
According to the details provided by ASIC, Hala used over $5.7 million of A One Multi’s funds for his and Walters’ personal benefit by acquiring property and luxury vehicles.
In order to protect investors, on 21 October 2021, ASIC ordered Hala to transfer crypto-assets in his name to the receivers. The regulator noted that it moved swiftly in obtaining the orders given the ease with which crypto-assets can be moved.
On 25 October 2021, the first tranche of crypto-assets held in Mr Hala’s name was transferred to the receivers.
The court also placed travel restrictions for Hala and Walters.
Additionally, the court has ordered the defendants to attend an ASIC office to facilitate the transfer of remaining crypto-assets held by the defendants to the receivers.
The Aussie financial markets regulator recently released guidance for product issuers and market operators on how they can comply with the regulatory obligations regarding crypto-asset exchange traded products (ETPs) and other investment products.
Independent writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.