Aryn Hala Accused of Offering Unlicensed Financial Services

ASIC

Aryn Hala of Redbank Plains, Queensland, has been charged with nine offences of carrying on a financial services business without a licence under 911A (1) of the Corporations Act 2001 (Cth) following an ASIC investigation. The maximum penalty for each offence is five years imprisonment.

The charges follow an ASIC investigation into conduct by Mr Hala where he promised consumers annual returns of at least 10-20% in investments that included crypto-assets in a company directed by him, A One Multi Services Pty Ltd. Mr Hala encouraged consumers to establish a self-managed superannuation fund (SMSF), and to roll over their existing superannuation into the SMSF and invest it with Mr Hala's company.

At a mention on 5 February 2024, the matter was adjourned for further mention on 15 April 2024. Mr Hala was released on bail.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions after an investigation by ASIC.

Background

In October 2021, ASIC obtained court orders against Mr Hala preventing him from disposing of, dealing with or otherwise diminishing certain assets. ASIC also obtained court orders against A One Multi Services (21-289MR).

Court-appointed receivers have been unable to recover a large portion of assets provided to A One Multi Services Pty Ltd by various investors, particularly those that were transferred to crypto-assets.

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. 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.

Crypto-assets are highly speculative investments. ASIC urges Australians to invest with caution.

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