Queenslander charged over unlicensed financial services

Each of the nine charges carries a maximum penalty of five years' imprisonment

Queenslander charged over unlicensed financial services


By Mina Martin

Aryn Hala from Redbank Plains, Queensland, is facing nine charges for conducting a financial services business without the required license, following an investigation by ASIC.

The charges, brought under section 911A (1) of the Corporations Act 2001 (Cth), carry a maximum penalty of five years’ imprisonment for each offence.

According to an ASIC probe into Hala’s activities, he allegedly promised consumers annual returns ranging from 10-20% through investments involving crypto-assets. Hala, who directed the company A One Multi Services, encouraged consumers to establish self-managed superannuation funds (SMSFs) and roll over their existing superannuation into the SMSF for investment with his company.

The matter, currently being prosecuted by the Commonwealth director of public prosecutions, was adjourned for further mention on April 15 during a court appearance on Feb. 5. Hala has been released on bail pending further legal proceedings.

ASIC case background

In October 2021, ASIC secured court orders against Hala, prohibiting him from disposing of, dealing with, or diminishing specific assets. Similar orders were obtained against A One Multi Services.

Despite court-appointed receivers’ efforts, a significant portion of assets provided to A One Multi Services by various investors, particularly those in crypto-assets, remains unrecovered.

The criminal charges and related civil proceedings are part of ASIC's ongoing efforts to safeguard consumers and take enforcement actions against unlicensed financial advice.

ASIC emphasised the importance of obtaining financial advice only from qualified and licensed professionals or authorised representatives of licensed entities. Additionally, the corporate regulator underscored the speculative nature of crypto-assets, urging Australians to exercise caution in their investments.

To read the ASIC media release, click here.

For more ASIC news, click here and here.

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