ASIC shuts down “illegal” $ 25m Coast firm, freezes director assets

ASIC froze the assets of directors Aryn Henry Hala and Heidi Elizabeth Walters, who the regulator says used $ 5.7m of the investment money to buy luxury vehicles and property and converted $ 2.4m to cryptocurrency. ASIC successfully obtained interim injunctions and orders from the Federal Court on October 25 against unlicensed financial services business A One Multi Services and its directors to protect investors. No charges were filed against the directors. A statement from ASIC assumed Mr Hala told investors that he could help invest his lawsuit in a self-governing pension fund and then lend the fund’s money to A One Multi.ASIC claims Mr Hala told investors. that they would receive annual investment returns of more than 20 percent.The statement said more than 60 consumers deposited approximately $ 25 million into A One Multi’s accounts between January 1, 2019 and June 30 this year. jare. “ASIC claims that Mr Hala used more than 5.7 million of A One Multi’s money for the personal benefit of his and Mrs Walters, including by acquiring real estate and luxury vehicles in their names,” ASIC said. “In addition, more than $ 2.4 million has been transferred from A One Multi to purchase crypto assets.” The Federal Court ordered A One Multi into the case of John Ross Lindholm and Timothy James Michael and also made freezing orders on the assets of Mr Hala, Mrs Walters and A One Multi. Mr Hala was ordered to hand over crypto assets on his behalf to the receivers and the couple was also detained from travel.The court also made orders requiring the disclosure of information to ASIC by Mr Hala, Mrs Walters and A One Many, including in details of the crypto-asset holding.ASIC said some of the crypto assets held in Mr Hala’s name were handed over to the receivers on October 25th. On November 1, the court made further orders requiring the defendants to attend an ASIC office to facilitate the transfer of rest. cryptocurrencies held or controlled by the defendants to the receivers.The orders were made pending a final hearing on the conduct of Mr. Hala, Ms. Walters and A One Multi.ASIC moved quickly to obtain the orders given the ease with which crypto assets can be transferred or processed.ASIC’s investigation into Mr. Hala, Ms. Walters and A One Multi remains ongoing. The regulator warned that cryptocurrencies are “highly speculative investments” and urged caution. “Investors should only agree. That financial advice from authorized financial advisors, including advice in relation to their SMSFs.” NED-2822-GCB-APPNED-3269 Gold Coast Download Newsletter Bannerkathleen.skene@news.com.auTwitter follow Kathleen Skene

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