ASIC obtains freeze order against individual who allegedly misused millions in investor funds

ASIC has obtained orders to freeze the funds and assets of an individual who allegedly carried on a financial services business without holding an Australian financial services licence and who engaged in the misuse of client funds.

According to a statement issued by the corporate regulator on Monday, Ashley Vincent Arandez and four companies of which he is a director allegedly obtained approximately $2.5 million from Australian investors based on false and misleading statements and misused these funds, at least in part, for personal benefit and to pay returns to other investors.

ASIC alleged that Mr Arandez and/or the four companies suggested to investors that their funds would be invested in property and cryptocurrency.

As such, the corporate regulator sought the freezing orders on an urgent basis to preserve funds available for people that might be harmed by Mr Arandez’s actions, including individuals and entities who may have invested with Mr Arandez, or paid him for financial services. 

The four companies in question include HLK Advisers, NCAA Holdings, Mindenergetix and AWM Australia.

“Any person who is concerned they have received financial services from, or invested with, Mr Arandez or one of the above companies can contact ASIC at [email protected],” ASIC said.

“ASIC will continue to investigate and take action against unlicensed financial services businesses with a focus on misconduct involving cryptocurrency,” the corporate regulator added.

Earlier this month, ASIC took similar action against company director Sasha Hopkins and two of his companies, The A Team Property Group and Sash Investment Holdings, which included freezing various crypto-assets.