An Australian man who promised crypto investors annual returns of between 10 and 20 per cent has been charged by Australia’s financial regulator with nine offences of carrying on a financial services business without a licence.
Each offence carries a maximum penalty of five years’ imprisonment.
The Australian Securities and Investment Commission (ASIC) charged Aryn Hala of Redbank Plains, Queensland, following an investigation into his company, A One Multi Pty Ltd.
ASIC says Hala encouraged potential investors to create a self-managed superannuation fund (SMSF) and to roll over their existing superannuation into the fund and invest it with Hala’s company.
Back in November 2021, ASIC moved to shut down A One Multi, which it suspected of engaging in unlawful activity, and successfully obtained interim orders and injunctions from the Federal Court in Queensland.
ASIC alleged A One Multi’s Gold Coast-based directors Aryn Hala and Heidi Walters were providing unlicenced financial services.
Between 1 January 2019 and 30 June 2021, more than 60 consumers invested approximately $25 million into A One Multi after Hala told them they would receive annual returns of more than 20 per cent.
ASIC alleged Mala and Heidi spent almost $6 million of that money on property and luxury vehicles, and that a further $2.4 million was transferred from A One Multi to buy crypto assests.
Court-appointed receivers have so far been unable to recover a “large portion” of the monies given to A One Multi, “particularly those that were transferred to crypto assets”.
In March 2023, ASIC announced it had discontinued action against Walters, and by October had done the same for Hala, but said investigations into the pair were ongoing – resulting in these latest charges.
Hala, who is currently out on bail, will next appear in court on 15 April 2024.
