ASIC moves to shut down unlicensed financial services business

The corporate regulator confirmed on Thursday (4 November) that it has moved to shut down A One Multi Services on suspicions that the Queensland business is engaging in unlawful activity.

It’s alleged that Gold Coast-based director Aryn Hala has alluded to investors that he can help them invest their superannuation in an SMSF and then loan the money in the SMSF to A One Multi, where they would then receive 20 per cent investment returns.

Between 1 January 2019 and 30 June 2021, ASIC alleges that approximately $25 million was deposited into the business’ accounts by over 60 consumers and that Mr Hala used more than $5.7 million of the money for his and fellow director Heidi Walters’ personal benefit, including acquiring property and luxury cars in their names.

More than $2.4 million of the money was also transferred from A One Multi accounts to buy crypto assets.

On 21 October, the court ordered A One Multi into the receivership of John Ross Lindholm and Timothy James Michael, as well as forced asset orders against Mr Hala, Ms Walters and A One Multi and travel restraints against Mr Hala and Ms Waters.

Mr Hala was also ordered to transfer crypto assets in his name to the receivers with the first tranche held in his name transferred on 25 October.

ASIC’s investigation into Mr Hala, Ms Walters and A One Multi is ongoing.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.