Crypto company director hit with ASIC charges

Following an Australian Securities and Investments Commission (ASIC) investigation, a Queensland-based director has been charged with carrying on a financial services business without a licence.

The investigation found that Aryn Hala had encouraged clients to set up a self-managed superannuation fund (SMSF), transition their existing super into the fund and invest the funds into Hala’s company, A One Multi Services Pty Ltd, holding cryptocurrency among other assets.

Hala promised customers would receive annual returns of 10 to 20 per cent on their investments into his company.

After ASIC gathered court orders against A One Multi Services and Hala in October 2021 to prevent any assets from being disposed of or diminished, court-appointed receivers found they were unable to recover a large part of the assets provided to the company – especially those that were invested in cryptocurrencies.

The matter, now prosecuted by the Commonwealth Director of Public Prosecutions, has been adjourned until 15 April and Hala released on bail.

“The criminal charges and civil proceedings form part of ASIC’s work to protect consumers and take enforcement action where we suspect unlicensed financial advice,” a statement from the corporate regulator said.

“Financial advice must only be provided by qualified and licensed financial advisers or financial counsellors, not by individuals or corporations who neither hold an AFS licence, nor are authorised representatives of an AFS licensee.”