Court freezes millions in cars, property and crypto of Aryn Hala and Heidi Walters over their investment company A One Multi

ASIC has frozen millions of dollars in cars, property and cryptocurrency of two Gold Coasters in its investigation of an unlicensed investment company

Editor's Note – Following publication of this article, on 1 March 2023 Ms Walters was released from preservation orders previously obtained by ASIC and the Federal Court proceeding has been discontinued against her.

An unlicensed Gold Coast investment company alleged to have taken more than $25 million in “unlawful” investments from 60 customers has been shut down by the corporate regulator.

ASIC has frozen the assets of directors Aryn Henry Hala and Heidi Elizabeth Walters, who the regulator says used $5.7m of the investment money to buy luxury vehicles and property and converted $2.4m to cryptocurrency.

ASIC successfully obtained interim orders and injunctions from the Federal Court on October 25 against unlicensed financial services business A One Multi Services and its directors to protect investors.

No charges have been laid against the directors.

A statement from ASIC alleged Mr Hala told investors he could help invest their superannuation in a self-managed superannuation fund and then loan the money from the fund to A One Multi.

ASIC alleges Mr Hala told investors that they would receive annual investment returns of over 20 per cent.

The statement said more than 60 consumers deposited approximately $25 million into A One Multi’s accounts between January 1, 2019 and June 30 this year.

“ASIC alleges that Mr Hala has used more than $5.7 million of A One Multi’s money for his and Ms Walters’ personal benefit, including through acquiring real property and luxury vehicles in their names,” ASIC said.

“In addition, more than $2.4 million has been transferred from A One Multi to buy crypto-assets.”

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ASIC has frozen assets of Aryn Hala in their investigation of investment company A One Multi.

Documents lodged with the court said ASIC investigations found Mr Hala was in possession of Bitcoin worth between $7m and $22m, with only he and Ms Walters holding the codes to transfer it.

The Federal Court ordered A One Multi into the receivership of John Ross Lindholm and Timothy James Michael and also made freezing orders on the assets of Mr Hala, Ms Walters and A One Multi.

Mr Hala was ordered to transfer crypto-assets in his name to the receivers and the pair was also restrained from travel.

The court also made orders requiring the disclosure of information to ASIC by Mr Hala, Ms Walters and A One Multi, including in details of the crypto-asset holding.

ASIC said some of the crypto-assets held in Mr Hala’s name was transferred to the receivers on October 25.

On November 1, the court made further orders requiring the defendants to attend an ASIC office to facilitate the transfer of remaining crypto-assets held or controlled by the defendants to the receivers.

The orders were made pending a final hearing into the conduct of Mr Hala, Ms Walters and A One Multi.

ASIC moved swiftly to obtain the orders given the ease with which crypto-assets can be transferred or transacted.

ASIC’s investigation into Mr Hala, Ms Walters and A One Multi remains ongoing.

The regulator warned that crypto-assets were “highly speculative investments” and urged caution.

“Investors should only take financial advice from licensed financial advisers, including advice relating to their SMSFs.”

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