The Australian Securities and Investments Commission (ASIC), today announced that it has moved to close illegal financial services business A One Multi Services for suspected involvement in unlawful activities, including the purchase of crypto assets from illegal funds.
ASIC obtained interim orders and injunctions from the Federal Court in Queensland against A One Multi. Additionally, the commission also secured orders against Aryn Hala and Heidi Walters, the company’s directors based in Gold Coast.
The details released by ASIC indicate that over 60 consumers deposited more than $25 million into accounts of A One Multi between 1 January 2019 and 30 June 2020. According to ASIC, more than $2.4 million were transferred from A One Multi to purchase 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%,” ASIC highlighted.
“ASIC alleges that Mr. Hala has used more than $5.7 million of A One Multi’s money for his and Ms. Walters’ personal benefit, including through acquiring real property and luxury vehicles in their names. In addition, more than $2.4 million has been transferred from A One Multi to buy crypto-assets” the commission added.
On 21 October 2021, the Court ordered Mr. Hala to transfer cryptocurrency assets in his name to the receivers. As a result, the first tranche of crypto assets was transferred to the receivers on 25 October 2021. The Court also ordered travel restrictions for Mr. Hala and Ms. Walters.
“On 1 November 2021, the Court made further orders 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,” ASIC concluded.
ASIC moved swiftly to obtain the orders given ease with which crypto-assets can be transferred or transacted.
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