ASIC decides to shut down unlicensed financial services business
The businesses regulator confirmed on Thursday (November 4) that it has decided to shut down A One Multi Services on suspicion that the Queensland company is engaging in illegal activities.
It is alleged that Gold Coast-based director Aryn Hala has hinted at investors that he can help them invest their superannuation in an SMSF and then loan the money from the SMSF to A One Multi, where they would then receive a return on investment of 20%.
Between January 1, 2019 and June 30, 2021, ASIC alleges that approximately $ 25 million was deposited into company accounts by more than 60 consumers and that Mr. Hala used more than $ 5.7 million dollars of money for her personal benefit and that of her colleague manager Heidi Walters, including the acquisition of real estate and luxury cars in their name.
Over $ 2.4 million of money was also transferred from A One Multi accounts to purchase crypto assets.
On October 21, the court ordered A One Multi to put John Ross Lindholm and Timothy James Michael into receivership, as well as compulsory asset orders against Mr Hala, Ms Walters and A One Multi and travel restrictions against Mr. Hala and Ms. Waters.
Mr Hala was also ordered to transfer crypto assets on his behalf to escrows, with the first tranche held in his name being transferred on October 25.
The ASIC investigation into Mr. Hala, Ms. Walters and A One Multi is ongoing.
Neil is the associate editor of wealth headlines including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.