The Australian Securities and Investments Commission (ASIC) announced today that it has decided to shut down the illegal financial services company A One Multi Services for alleged involvement in illegal activities, including the purchase of crypto assets from illegal funds.
ASIC obtained interim orders and injunctions from the Queensland Federal Court against A One Multi. In addition, the commission also obtained orders against Aryn Hala and Heidi Walters, the directors of the company based in Gold Coast.
Details released by ASIC indicate that more than 60 consumers deposited more than $ 25 million into A One Multi accounts between January 1, 2019 and June 30, 2020. According to ASIC, more than 2.4 million of dollars were transferred from A One Multi to buy crypto assets.
“It is alleged that Mr. Hala tells investors that he can help them invest their retirement pension in a Self-Directed Pension Fund (SMSF) and then loan their SMSF money to A One Multi. ASIC alleges that Mr. Hala told investors that they would receive annual investment returns of over 20%, ”ASIC noted.
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“ASIC alleges that Mr. Hala used more than $ 5.7 million of A One Multi’s money for his personal benefit and that of Ms. Walters, including by acquiring real estate and luxury vehicles for their own. name. In addition, more than $ 2.4 million has been transferred from A One Multi to buy crypto-assets, ”the commission added.
On October 21, 2021, the court ordered Mr. Hala to transfer cryptocurrency assets on his behalf to the receivers. As a result, the first tranche of crypto assets was transferred to escrow on October 25, 2021. The court also ordered travel restrictions for Mr Hala and Ms Walters.
“On November 1, 2021, the court issued new orders requiring defendants to attend an ASIC office to facilitate the transfer of remaining crypto-assets held or controlled by defendants to receivers,” ASIC concluded .
ASIC has moved quickly to obtain orders, given the ease with which cryptoassets can be transferred or traded.