Aryn Henry Hala facing nine charges for unlicensed financial services over A One Multi

The director of an unlicensed Gold Coast investment company is facing nine charges. Here’s why

The director of an unlicensed Gold Coast investment company is facing nine licensing charges.

Aryn Henry Hala of Redbank Plains, has been charged with nine counts of carrying on a financial services business without a licence, with each offence carrying a maximum penalty of five years’ jail.

ASIC alleges Mr Hala promised consumers annual returns of at least 10-20 per cent in investments that included crypto-assets in his company, A One Multi Services.

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 A One Multi.

Mr Hala was released on bail at a brief court appearance on Monday where the case was adjourned to April 15.

Aryn Hala of A One Multi.

Aryn Hala of A One Multi.

The charges follow a decision by ASIC to drop a civil case against Mr Hala in November.

ASIC obtained a Federal Court order to freeze the assets Mr Hala and co-director Heidi Elizabeth Walters over their alleged involvement with A One Multi in November 2021.

Ms Walters was released from the orders in March 2023 and the proceeding against her was discontinued.

In its original claim, ASIC accused the company of taking funds from more than 60 clients, telling them they would receive annual investment returns of over 20 per cent.

Instead, ASIC alleged, $5.7m of the investment money was used to buy luxury vehicles and property and millions more was converted to crypto.

According to their administration return for the year to October 2022, receivers were only able to recover $201,000 worth of the alleged missing crypto.

Although the civil case against Mr Hala was discontinued with the consent of ASIC, A One Multi is still a party to the case, which is due back in court on March 8.

Mr Hala has not been charged in the relation to the purchase of the vehicles, property or crypto or over the unrecovered crypto.